Collaberex hosted a webinar addressing common questions about loan forgiveness under the Payroll Protection Program (PPP). Under the CARES Act, the program offers forgivable loans of up to $10 million each to qualified small businesses in order to fund payroll and certain other overhead costs. During its first phase, approximately 1.6 million PPP loans were awarded, followed by an additional 2.6 million loans during a second phase. Eight weeks after receiving a loan, businesses may apply for forgiveness, but much confusion has ensued.
The webinar was moderated by William Malpica, Esq., Partner, Martin LLP, and panelists included Daniel Casanta, President and Founder, Cardinal Business Financing, Inc.; Alex J. Hart, CPA, Principal and Founder, Hart Vida & Partners; and Jason Putter, Esq., Martin LLP See their bios below.
William Malpica is a partner with the law firm of Martin LLP, where he advises middle market companies, investors and lenders on corporate finance, mergers and acquisitions and other corporate and securities transactions. Prior to joining Martin LLP, Will was in-house counsel at The Royal Bank of Scotland and was an associate with the international law firm of Mayer Brown LLP. Will is a member of the board of directors of Lifting Up Westchester, a nonprofit dedicated to eradicating hunger and homelessness in the county. He also serves on the board of My Team Triumph, a Connecticut- based nonprofit that makes endurance challenges accessible to individuals with special needs, and is pro bono counsel to Building One Community, the Stamford-based nonprofit dedicated to serving the needs of the immigrant community.
Dan Casanta is a seasoned commercial finance professional. In 2014, after years in the industry, he founded Cardinal Business Financing. Cardinal helps small and medium-sized businesses access financing, particularly when bank lending is not available. The firm works closely with over 75 lenders and underwriters across the country, focused primarily on equipment finance and working capital solutions. Dan and his firm have extensive experience with SBA lending and recently, due in large part to their strong network of SBA partners, they have been instrumental in providing millions of dollars in PPP funding to borrowers in dire need of this liquidity. These services are free of charge to the applicants.
Alex Hart is a principal and founder of Hart Vida & Partners. With over 25 years of experience, Alex specializes in the areas of tax strategy and planning, business process improvement, and CFO advisory. Alex has acted as outsourced CFO and Controller for small and mid-sized businesses in a variety of industries. He is a member of the National Association of Tax Preparers and is a contributing author and mentor at Latin Business Today. Since the onset of the COVID pandemic, Alex and his firm have been on the front line, working tirelessly to help their business clients navigate the multiple options available to acquire short-term funding and remain operational.
Jason Putter is an attorney in the Business and Corporate practice group of Martin LLP. Jason’s practice concentrates on corporate and commercial transactions, including mergers and acquisitions, debt and equity financings, private equity, and corporate finance on behalf of middle market clients, including a substantial number of growth companies and the entrepreneurs who lead them. Immediately prior to joining Martin LLP, Jason worked at a small Connecticut firm. Jason was also a senior associate at Skadden Arps for six years, where he represented public and private companies and their principal stakeholders in M&A, financing, securities litigation and complex in- and out-of-court restructurings. Prior to entering private practice, Jason held a two-year federal clerkship.