By now, every small business owner is familiar with the Paycheck Protection Program (PPP) that was created by the CARES Act in March 2020. Of course, you also realize that the CARES Act was a congressional action intended to help small businesses weather the economic impact of COVID-19 shutdowns around the country. What you may not have thought about is how does a PPP loan impact the ability to buy or sell a business?
Read more“5 C’s of Credit” didn’t apply to PPP loans – Part 2
In our last post, we discussed the “5 C’s of Credit” and how they were NOT used in the PPP program. To review that post, check it out here. We ended that discussion with the question….why do the 5 C’s matter to the borrower?
My short answer is this: The borrower should understand how the bank is going to evaluate your business and your loan request.
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