PPP loan

By Terry Savage on January 28, 2021 | Wild Card

Thanks Terry
I’m selling my business and I also applied for a PPP loan. If I get the loan before I sell my business and use the loan proceeds to pay off my sales tax and equipment depth and then sell the business, am I responsible to pay the loan back because I sold the business even if I utilized the loan proceeds to pay down depth?

Terry Says

Oh wow, that question is way out of my league! Are you in the Chicago area? I suggest you go to Wintrust, because they have been in the vanguard of the PPP loan situation.

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