Sometimes the Best Laid Plans Go Astray. Florida Business Pay Attention to the ‘PPP.’ (Now.)

Best Laid Plans
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The topic of this piece was originally intended to discuss contractual proactive risk management. However, the U.S. Small Business Administration, in its July 24, 2020 e-newsletter, provided relevant information about the loan forgiveness process affiliated with Payroll Protection Plan loans. 1

As described by the SBA:

PPP Loan Forgiveness Procedural Notice

The SBA has released a procedural notice covering details on how lenders can submit Paycheck Protection Program loan forgiveness applications/decisions and how PPP loan forgiveness reviews will be done.

60-day turnaround

After receipt of a borrower’s complete PPP forgiveness application, lenders have no more than 60 days to complete the review and issue a decision to the SBA, along with the required documents.

The PPP Forgiveness Platform:

    1. Goes live August 10, 2020, pending any legislative amendments on forgiveness
    2. Will only be open to lenders (not borrowers)
    3. Instructions will be emailed from to Authorizing Officials, who can create 10 additional users
    4. Will have APIs for multiple submissions via an automated method

See the SBA’s Notice.

It is important for business borrowers to familiarize themselves (now) with the technical details about the PPP’s loan forgiveness parameters and protocols – and they are technical and detailed – so they remain compliant and are not subject to being required to repay otherwise-forgivable loans. For assistance, business borrowers should consult (again now) with their attorneys, lenders, and accountants. (And while they are doing that they should also inquire about the potential tax treatment affiliated with loan forgiveness. So… after all, there is a bit of proactive risk management planning.)

And a brief weather update. While the threat to Florida of Tropical Depression Gonzalo currently appears to have diminished, as with all hurricane season events, this one should still be tracked.

Well, then, even though the planned subject for this week has gone awry (the very subject of risk management), the topic of contractual risk management will be taken-up shortly. But here is the ‘elevator pitch’: Contracts are replete with allocations of rights and responsibilities through the representations, warranties, and covenants of which they are composed, and one of the principal allocation areas is advance (a/k/a proactive) risk management. (That is what they call in the entertainment world ‘a teaser’.)


Click the link for information about Bogin, Munns & Munns’ own response to Coronavirus readiness.


Title with due credit to Robert Burns from “To A Mouse.”

1 Further information about the PPP.


To consult with an experienced business law lawyer today, call 855-780-9986

– For more information, call Philip N. Kabler of the Gainesville, FL office of Bogin, Munns & Munns at 352.332.7688, where he practices in the areas of business, banking, real estate, and equine law. He has taught business and real estate law courses at the University of Florida Warrington College of Business Administration and Levin College of Law and is the President-Elect of the Eighth Judicial Circuit Bar Association.

NOTICE: The article above is not intended to serve as legal advice, and you should not rely on it as such. It is offered only as general information. You should consult with a duly licensed attorney regarding your Florida legal matter, as every situation is unique. Please know that merely reading this article, subscribing to this blog, or otherwise contacting Bogin, Munns & Munns does not establish an attorney-client relationship with our firm. Should you seek legal representation from Bogin, Munns & Munns, any such representation must first be agreed to by the firm and confirmed in a written agreement.

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