Here’s an important note about the Paycheck Protection Program and probation.
There is Hope
The Paycheck Protection Program (CARES Act Loan) very well might be the only lifeline available to keep your business going through these troubling times. Unfortunately, if you have had interactions with the criminal justice system you might not be eligible for this loan. However, the attorneys at The McShane Firm are ready to help.
The Small Business Administration (SBA) guarantees the Paycheck Protection Program Loans. The SBA regulations deny certain individuals with a criminal history access to these loans. The SBA’s Interim Final Rule states that you are ineligible for a loan if
[A]n owner of 20 percent or more of the equity of the applicant is incarcerated, on probation, on parole; presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction; or has been convicted of a felony in the last five years.
What does this mean?
This means that if any individual with at least 20 percent equity in your company is currently on probation or parole, you are not eligible for a Paycheck Protection Loan. Luckily, you may still have an option that allows you to qualify. Pennsylvania Judges have the power to terminate probation or parole early.
In Order to have you probation and parole terminated early it is necessary to file a Petition For Early Termination to the original sentencing judge. The attorneys at The McShane Firm know the procedures for early termination. We can streamline the process.
What if I filled out the form wrong?
Lying on your application saying that you qualify when you don’t is a potential state and federal crime. Don’t do it. If you did and you did it by accident, then we can still help.
Please call us today at 1-866-MCSHANE for a free, detailed consultation so we can discuss your options.
Recommended additional reading:
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