The August 2020 edition of the Fogel Law Group FOCUS provides some insight into the government-guaranteed loan program operated by the United States Department of Agriculture (“USDA”). Known as Business and Industry Loans, or B&I Loans, these USDA Loans (“USDA Loans”) are credit facilities that are available to small businesses, non-profits, cooperatives, and other eligible entities operating in rural areas throughout […]

Well, first you need to start using those PPP loan funds for the purposes they are intended and permitted under the CARES Act (“Act”), Pub. L. 116-136. According to the Act, PPP loan proceeds are to be used for only the following purposes: payroll costs; interest payment on any mortgage incurred prior to February 15; […]