Jump to content

Need a loan provision to offer CARES loans?


Recommended Posts

Did the plan need to have loan provisions already in place before they issued CARES loans?

We have a client that issued an $80,000 loan without having a loan provision in the plan.

Could we retroactively amend the plan to allow for loans?

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

Link to comment
Share on other sites

Thanks.  Now it looks like there's a resolution to add loans int he file, but no formal amendment, SMM or anything like that.

Plus, I don't think there was any sort of loan documentation created when he took the loan.

QKA, QPA, CPC, ERPA

Two wrongs don't make a right, but three rights make a left.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...