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debt

Clarifications of FAQs for the SBA Paycheck Protection Program Application

Clarifications of FAQs for the SBA Paycheck Protection Program Application Please be advised that the Small Business Administration (SBA), in consultation with the Department of the Treasury, has provided additional guidance to address borrower and lender questions concerning the implementation…

SBA offering loans to small businesses hit hard by COVID-19

Every company has faced unprecedented challenges in adjusting to life following the widespread outbreak of the coronavirus (COVID-19). Small businesses face particular difficulties in that, by definition, their resources — human, capital and otherwise — are limited. If this describes…

At the very least, update the financials in your business plan

Every new company should launch with a business plan and keep it updated. Generally, such a plan will comprise six sections: executive summary, business description, industry and marketing analysis, management team description, implementation plan, and financials. Now, ideally, you would…

Keeping Covenants: Getting debt ratios right

Accurately defining and computing restrictions on indebtedness is critical to assessing a business’s compliance with debt covenant ratios. Many indentures contain covenants that rely on financial accounting numbers, such as a maximum debt-to-EBITDA ratio. For example, an indenture filed by…