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Hello, I realize that the PPP loans may be depleted now but I understand there may still be money available. And I see that you are saying if someone is actively in chapter 13 they could possibly apply. I have about nine months to go in a three-year chapter 13 plan. I have a sole proprietorship in Boulder Colorado. My question is how can I apply if there is a yes,or no question on the application whether you’re in bankruptcy, and if you say yes, you are immediately Disallowed from moving on in the applying?
Thank you.
Richard Stevarsky
There is no clear answer to your question. The questionnaire would require that you have to answer yes that you are in an active Chapter 13 bankruptcy. In December the SBA issued a statement reversing their policy on not allowing people in bankruptcy to obtain the PPP loans. As long as you have a "confirmed plan of reorganization", which I assume you do if you don't have that long left in your plan you should be able to apply and not immediately be disallowed. The reality of this won't be known until an application is submitted. If there is a denial then the only way we have seen movement on approval is to bring a suit against the SBA for this denial and have the court weigh in.
The foregoing information is general information only and should not be relied upon to take, or fail to take, legal action. No attorney-client relationship is formed by this information. __The only manner to obtain complete and adequate legal advice is to consult with an attorney.__
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