February 1, 2021 | less than a minute read

Continued Economic Uncertainty: Support for Necessity Certification Borrowers Must Make for a Second Draw PPP Loan

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Christina Moore

Partner

Get in touch

Christina Moore

Partner

We understand many boards, directors and business owners are concerned in making the necessity certification for a Second Draw PPP loan. Economic uncertainty continues to be evident as noted in the Jan 2021 DOL report and in many economic publications such as this NY Times publication from Jan 14, 2021. In assisting borrowers, we recommend documenting these type of publications as part of the backup for necessity.

“We’re in a deep economic hole, and we’re digging in the wrong direction,” said Daniel Zhao, senior economist with the career site Glassdoor. “The report obviously shows that the rise in claims is worse than expected, and there is reason to think that things are going to get worse before they are going to get better.”