This is the information we have as of April 5, 2020 and is our interpretation of the rules for applying for the Paycheck Protection Program (PPP).
Initially, the form that needed to be filled out to apply for the PPP required the applicant to answer several questions, one of which was whether they are a US Citizen or Permanent Legal Resident. If the applicant answered “no” to the question, the application was automatically denied.
However, the form has since been updated to ask whether the United States is the “principal place of residence for all employees of the Applicant included in the Applicant’s payroll calculation.”
So with this in mind, it is our view that the fact that a company has foreign owners shouldn’t necessarily disqualify it from participating in the Paycheck Protection Program.
Clearly, there are no guarantees an application will be successful and the rules are evolving quickly, but we can help you apply quickly and there is no upfront fee for using our services.
Please call us at 212 545-8022 or contact Allan Rooney, Elannie Damianos, Timothy Davis, or Abbey Docherty.
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