COVID-19

-For those that may be eligible, the Mecklenburg County Small Business Loan is now open to applications via the following website: https://carolinasmallbusiness.org/initiatives/nc-covid-19-rapid-recovery-loan/.

Please see the following most recent update in regards to SBA lending from American Bankers Association:
http://mcmillanpllc.com/wp-content/uploads/sites/1229/2020/03/Executive-Summary-Coronavirus-Aid-Relief-Economic-Security-CARES-Act.pdf

-You can now file your application for the SBA Relief Package. Here are some of the items that you’ll need to submit with your application (Form 5):

Personal Financial Statement (SBA Form 413)

Schedule of Liabilities (SBA Form 2202)

Economic Injury Disaster Loan Supporting Information (Form P-019)

Request for Transcript of Tax Return (IRS Form 4506-T)

Applicant’s Business Federal Tax Return

Truthful Information Certification

-Small business owners can get low-interest relief up to $2 million dollars from the SBA. For more information and to apply, visit sba.gov/disaster.

-We encourage business owners and individuals to monitor the ongoing legislation related to various stimulus packages. Please visit the following links to find out more about the current drafts and bills for the $2 trillion dollar bailout and the $350 billion dollar provisions for small businesses.

https://www.wsj.com/articles/whats-in-the-2-trilli…

https://www.forbes.com/sites/michelamoscufo/2020/0…

-For existing loans and SBA loans, we strongly encourage borrowers to contact their respective banks/loan officers and SBA lenders to inquire about deferred or interest-only payments until the pandemic subsides.

-During these times, McMillan PLLC has, in addition to our traditional functions, pivoted to assist our clients in negotiating and drafting loan modifications. If we can be of any help to you, please contact us!

-See the below link for more information on the loan deferment process:

https://www.businessnewsdaily.com/11108-sba-busine…

-We encourage tenants to reach out to their landlords regarding flexible rent payments/deferrals during the pandemic.

-At McMillan we have been drafting of letters to landlords, confidential information protection during modification discussions/negotiations, drafting of lease modifications and amendments.

-Here is an example of a tenant letter to propose rent payment deferrals:

https://la.eater.com/2020/3/25/21194144/cheesecake…

-Here are a few examples of how local businesses have pivoted their existing business to operate during the pandemic:

https://www.forbes.com/sites/kennygould/2020/03/20…

https://www.charlotteobserver.com/charlottefive/c5…

https://www.wraltechwire.com/2020/03/20/what-a-piv…