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Husband and wife signing contract / PPP second loan advice / monitoring accounts for sale
February 3, 2021
NOTICE:  K&K has two clients looking to sell alarm accounts.  One company is near Orlando FL and the other outskirts of Miami FL.  More details in The Alarm Exchange in the Merger and Acquisition category.
PPP second loan advice
            Quite a few of our clients are applying for the second round of PPP loans.  The second round has a requirement that one quarter of 2020 revenue is down at least 25% when compared to the prior year’s revenue.  This will screen out a lot of potential applicants.  Applicants should understand that this is a serious requirement and if they fudge this in any way they could find that the loan isn’t forgiven or, even worse, that the SBA may take action.  
            One positive thing that many applicants don’t realize is that the loan amount is based upon 2.5x “average Monthly Payroll Costs” in either 2019 or 2020.  Monthly Payroll Costs are not limited to payroll only; they can include amounts paid by employers for health insurance (but not if the premium is deducted from pay), certain employer paid benefits, and state and local employment related taxes paid by the employer.  Note that the last amount would include state unemployment taxes and premiums, but not federal amounts such as FICA, Medicare, and Federal Unemployment.  
            By taking all of these costs into consideration a company could increase its PPP2 loan amount by 10% to 15%. 
Mitch Reitman
            Keep in mind that there is very little required to get the loan, but you will have to show the 25% reduction in revenue to get forgiveness.  Expect an audit if the loan is more than $150,000.  Expect sanctions and possible criminal prosecution if you lie on the application for the loan or the application for forgiveness.
Husband and wife signing contract
            We run into it several times where we have a customer’s name on the contract but then their wife ends up being the one wanting to sign vs the husband. Can we write, for example, John and Jane Doe on the contracts and then either of them can sign or does it have to be just the one name and only that person can sign?
Thank You,
            Your customer is named at the top of the contract.  Whoever is named on top should have a signature line at the bottom, and they need to sign the contract.  So if you make the contract out to John and Jane then both have to sign.  If only one signs then you have contract with only one of them, not both.  You may as well take Jane’s name off the contract if only John signs.  That could prove inconvenient for Jane when she calls asking for something that only the subscriber should be able to request, like a service call or change in programming.  
            If only John is around to sign the contract he could sign on his own behalf and he could also sign his wife’s name this way:  Jane by John as agent.  To be safe you should send Jane an email and ask her to confirm that John had authority from her to sign her name.  You can explain that without confirmation she won’t be considered a subscriber.

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Ken Kirschenbaum,Esq
Kirschenbaum & Kirschenbaum PC
Attorneys at Law
200 Garden City Plaza
Garden City, NY 11530
516 747 6700 x 301