The Administrator, in consultation with the Secretary of the Treasury (Secretary), has determined that this is necessary to improve administrability of Second Draw PPP Loans by providing borrowers an additional verifiable method for substantiating their revenue reduction. should verify the contents of the documents against a final, official Under the CARES Act, any single business entity that is assigned a NAICS code beginning with 72 (including hotels and restaurants) and employs not more than 500 employees per physical location is eligible to receive a First Draw PPP Loan. The Consolidated First Draw PPP IFR titled Business Loan Program Temporary Changes: Extension of and Changes to Paycheck Protection Program restates existing regulatory provisions to provide lenders and new PPP borrowers a single regulation to consult on borrower eligibility, lender eligibility, and loan application and origination requirements issues for new First Draw PPP loans, as well as general rules relating to First Draw PPP Loan increases and loan forgiveness. From Jan. 11 through Jan. 24, SBA approved more than 400,000 loans for $35 billion, according to an agency report. (ii) If a borrower meeting the criteria in subsection (6)(i) of this section does not have any employees, the maximum loan amount is the product obtained by multiplying: (A) The gross income of the borrower in 2019 or 2020, as reported on a Schedule F (IRS Form 1040), that is not more than $100,000, divided by 12; and. (1) Eligibility for Second Draw PPP Loans is governed by the same affiliations rules (and waivers) as First Draw PPP Loans, except as described in subsection (d)(2). 636(a)(36)(D)(iv), as added by the CARES Act and amended by the Economic Aid Act, waived the affiliation rules contained in 121.103 for (1) any business concern with not more than 500 employees that, as of the date on which the loan is disbursed, is assigned a NAICS code beginning with 72; (2) any business concern operating as a franchise that is assigned a franchise identifier code by SBA; (3) any business concern that receives financial assistance from a company licensed under section 301 of the Small Business Investment Act of 1958 (15 U.S.C. Procedures for Addressing Unresolved Issues on Borrower First Draw PPP Loans CONTROL NO. However, SBA noted that "lenders that submitted a Second Draw PPP Loan guarantee application before January 27, 2021, that was rejected due to an unresolved issue with the first draw PPP Loan, should resubmit these applications." SBA also issued procedural notices related to various provisions of the most recent COVID-19 relief law. better and aid in comparing the online edition to the print edition. No collateral will be required. For an eligible nonprofit organization, a veterans organization, an eligible nonprofit news organization, eligible 501(c) organization, or eligible destination marketing organization, gross receipts has the meaning in section 6033 of the Internal Revenue Code of 1986. Paragraph 7(a)(37)(E) of the Small Business Act. Loay Ghazaleh, a 1986 Civil Engineering graduate from Texas A & M with Global MBA - Finance from Thunderbird , Arizona is backed by near 30 years diverse experience in government and private businesses spanning many sectors in several countries.<br><br>Currently I work as the Advisor to H.E. This article summarizes which businesses are not eligible for First Draw PPP Loans and Second Draw PPP Loans. Paragraph 7(a)(36)(D)(iii)(I) of the Small Business Act. No personal guarantees will be required. Despite earlier moves to streamline . The average loan size is $87,000. Unlike First Draw PPP Loans, the Economic Aid Act provides that the relevant time period for calculating a borrower's payroll costs for a Second Draw PPP Loan is either the twelve-month period prior to when the loan is made or calendar year 2019. Since most borrowers will use 2019 or 2020 the rule text refers only to 2019 or 2020 for simplicity and readability. A borrower's average monthly payroll costs may be based on calendar year 2020, calendar year 2019,[36] These include, but are not limited to the following terms: The guarantee percentage is 100 percent. Subsection (c)(2) of the IFR clarifies that this definition, which generally relates to eligible nonprofit organizations, applies only to eligible nonprofit news organizations rather than to all eligible news organizations. For a loan of $150,000 or less where the borrower does not provide documentation of revenue reduction with its application, the lender shall perform this review when the borrower provides such documentation. publication in the future. Although this IFR is effective immediately, comments are solicited from interested members of the public on all aspects of the interim final rule. 31. These markup elements allow the user to see how the document follows the These credits are available to employers (except state and local governments and their instrumentalities and small business who . (ii) Gross receipts of affiliates are calculated as follows: (A) Gross receipts of a borrower with affiliates is calculated by adding the gross receipts of the business concern with the gross receipts of each affiliate. 04/17/2023, 272 Eurostat-OECD PPP Programme, including its organisation, the various surveys . These tools are designed to help you understand the official document 604(a), 608(b). Fund can plus be used to pay interest on mortgages, rent, press utilities . Let's try checking if QuickBooks is up-to-date with our latest payroll release to run the PPP Forgiveness Payroll report for the second draw loans. SBA will post all comments on www.regulations.gov. An unresolved hold issue does not prohibit a borrower from receiving a second draw loan, but it may affect the timing of a second draw funding. The requirements applicable to PPP lenders are in sections (C) and (D) of the Consolidated First Draw PPP IFR. corresponding official PDF file on govinfo.gov. SBA also adopted a religious exemption to the affiliation rules by regulation,[19] 1503 & 1507. This aggregation applies for the entire period of measurement, not just the period after the affiliation arose. [30] However, if a borrower sold a segregable division during 2020, the gross receipts will continue to include the receipts of the division that was sold. (iii) A lender may rely on any certification or documentation submitted by an applicant for a PPP loan or an eligible recipient or eligible entity that (A) is submitted pursuant to all applicable statutory requirements, regulations, and guidance related to a PPP loan, including under sections 7(a)(36) or (37) of the Small Business Act (15 U.S.C. Paragraph 7(a)(37)(D) of the Small Business Act. establishing the XML-based Federal Register as an ACFR-sanctioned documents in the last year, by the Animal and Plant Health Inspection Service implementing updates to the PPP. See paragraph 7(a)(37)(I)(i) of the Small Business Act. All other comments must be submitted through the Federal eRulemaking Portal described above. More information and documentation can be found in our Subsection (d)(2) implements these revised affiliation waivers. [10] informational resource until the Administrative Committee of the Federal For second-draw loans, the SBA's system reviews a borrower's prior PPP application, as well as business databases, which may include Dun & Bradstreet and LexisNexis. (3) The maximum amount of a Second Draw PPP Loan to a borrower that is a seasonal employer (meaning an employer that does not operate for more than 7 months in any calendar year or that during the preceding calendar year, had gross receipts for any 6 months of that year that were not more than 33.33 percent of the gross receipts of the employer for the other 6 months of that year) is calculated as the lesser of: (A) At the election of the borrower, the average total monthly payments for payroll costs incurred or paid by the borrower for any 12-week period between February 15, 2019 and February 15, 2020; by, (B) 2.5 (or, only for a borrower assigned a NAICS code beginning with 72 at the time of disbursement as defined in subsection (f)(10), 3.5); or. Edited by Akintoye & Beck 978 14051 7791 7 Strategic Issues in Public-Private Partnerships, 2nd Edition Dewulf, Blanken & Bult-Spiering 978 0 470 65635 8 THE NONPROFIT RISK BOOK - Jesse . 28. By Matthew Rambaran, Manager CLA T. 267.419.1145 Email. SBA will consider these comments and the need for making any revisions as a result of these comments. The OFR/GPO partnership is committed to presenting accurate and reliable These comments must be submitted on or before February 16, 2021. Applicability Date: This interim final rule applies to loan applications and applications for loan forgiveness submitted for Paycheck Protection Program Second Draw Loans. Federal Register. In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. The second draw loan program, which closes March 31, 2021, contains stricter eligibility requirements and a lower loan limit, but it retains many of the original terms and conditions of the PPP program. If you are applying for a second draw PPP loan, you need to make sure each number and name matches the first draw loan application exactly. However, it did not specify how payroll costs should be calculated for Second Draw PPP Loans to farmers and ranchers. on 5. As discussed elsewhere in this interim final rule, the last day to apply for and receive a PPP loan is March 31, 2021. Rules that are exempt from notice and comment are also exempt from the RFA requirements, including conducting a regulatory flexibility analysis, when among other things the agency for good cause finds that notice and public procedure are impracticable, unnecessary, or contrary to the public interest. 2. L. 116-260, section 303. : 5000-20083 EFFECTIVE . These can be useful The loan proceeds may be used to cover payroll costs, rent, interest, and utilities. SBA may provide further guidance, if needed, through SBA notices and a program guide which will be posted on SBA's website at www.sba.gov. documents in the last year, by the Centers for Medicare & Medicaid Services This information collection (IC) consists of SBA Form 2483-SD (Paycheck Protection Program Second Draw Application Form) and SBA Form 2484-SD (Paycheck Protection Program Lender's ApplicationSecond Draw Loan Guaranty. a person or entity that receives a grant for shuttered venue operators under section 324 of the Economic Aid Act; entities in which the President, the Vice President, the head of an Executive department, or a Member of Congress, or the spouse of such person owns, controls, or holds at least 20 percent of any class of equity; a publicly traded company, defined as an issuer, the securities of which are listed on an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (. 04/17/2023, 209 (The revenue reduction requirement is addressed in subsection (c)(1)(iv) of this IFR.) On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) (Pub. In terms of lender compliance, the Economic Aid Act again permits lenders to rely on borrower certifications for initial or second draw PPP loans and in evaluating forgiveness applications. documents in the last year, by the International Trade Commission Specifically, the RFA normally requires agencies to describe the impact of a rulemaking on small entities by providing a regulatory impact analysis. SBA, however, is proceeding under the emergency provision at Executive Order 12866 section 6(a)(3)(D) based on the need to move expeditiously to mitigate the current economic conditions arising from the COVID-19 emergency. The terms and conditions of the Second Draw PPP Loans are subject to the same terms and conditions as First Draw PPP Loans. to the courts under 44 U.S.C. If you wish to begin preparing your application, you can download the following PPP borrower application form to see the information that will be requested from you when you apply with a lender: PPP Second Draw Borrower Application Form and services, go to Second Draw PPP Loans are subject to SBA's and the Department of the Treasury's (Treasury's) (8) The maximum amount of a Second Draw PPP Loan to a borrower that files taxes as a partnership is calculated as the lesser of: (A) The sum of (1) net earnings from self-employment of individual general partners in 2019 or 2020 (at the election of the borrower), as reported on IRS Form 1065 K-1, reduced by section 179 expense deduction claimed, unreimbursed partnership expenses claimed, and depletion claimed on oil and gas properties, multiplied by 0.9235,[37] The Administrator of OIRA has determined that this is a major rule for purposes of the Congressional Review Act (5 U.S.C. SBA has drafted this rule, to the extent practicable, in accordance with the standards set forth in section 3(a) and 3(b)(2) of Executive Order 12988, to minimize litigation, eliminate ambiguity, and reduce burden. Second Draw PPP Loans are eligible for loan forgiveness on the same terms and conditions as First Draw PPP Loans, except that Second Draw PPP Loan borrowers with a principal amount of $150,000 or less are required to provide documentation of revenue reduction if such documentation was not provided at the time of the loan application as specified in subsections (g)(2)(iv) and (v) of this section. Similarly, local municipalities throughout the country will have to deal with revenue loss created by COVID-19. The lender may request additional documentation, however, if on further review the lender concludes that it would be useful in conducting the lender's good-faith review of the borrower's loan amount calculation. (e) Who is not eligible for a Second Draw PPP Loan? The Public Inspection page However, these items do not resolve pending litigation over the SBA's prohibition against extending PPP loans to Chapter 11 debtors that are not proceeding . [8] [31] Subsections (c)(3) and (c)(4) of the IFR implement these statutory provisions. [11] Corporate group has the same meaning as in subsection (B)(4)(f) of the Consolidated First Draw PPP IFR. These applications and the guidance can be found on the Treasury's website ( www.treasury.gov ). Questions on the Paycheck Protection Program 7(a) Loans (First Draw PPP Loans and Second Draw PPP Loans) may be directed to the Lender Relations Specialist in the local SBA Field Office. are not part of the published document itself. In addition, the SBA has addressed some issues in their guidance. These calculations are reflected in subsection (f) of this IFR. 78f), where the terms exchange, issuer, and security have the meanings given those terms in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. If a borrower has not submitted new payroll documentation with its Second Draw PPP Loan application because it previously submitted 2019 payroll information to the same lender when it applied for its First Draw PPP Loan, then the lender must confirm the borrower's average monthly payroll costs based on that prior documentation. offers a preview of documents scheduled to appear in the next day's In general, the Economic Aid Act made the eligibility requirements for Second Draw PPP Loans narrower than the eligibility requirements for First Draw PPP Loans. This table of contents is a navigational tool, processed from the Paragraph 7(a)(37)(N) of the Small Business Act. the current document as it appeared on Public Inspection on Subsection (f) of the IFR uses calendar year 2020 to refer to the twelve-month period prior to when the loan is made. Calculating payroll costs based on calendar year 2020 rather than the twelve months preceding the date the loan is made will simplify the calculations and documentation requirements for borrowers because payroll records are more commonly created and retained on a calendar-year basis. See subsections (B)(4)(b) and (B)(4)(e) of the Consolidated First Draw PPP IFR. Second Draw PPP Loans generally are guaranteed by SBA under the same terms, conditions, and processes as First Draw PPP Loans. Two distinct Paycheck Protection Programs (PPP) opened on January 19, 2021. Pursuant to section 808(2) of the CRA, SBA finds, for good cause, that a 60-day delay in the effective date is unnecessary and contrary to the public interest. the Federal Register. For second draw loans, the bill appears to exclude from eligibility borrowers that previously qualified as a "small business concern" under the "alternative size standard" or the borrower's NAICS Code. (iii) For an eligible nonprofit organization, a veterans organization, an eligible nonprofit news organization, an eligible 501(c)(6) organization, or eligible destination marketing organization, gross receipts means gross receipts within the meaning of section 6033 of the Internal Revenue Code of 1986. (v) For the purpose of determining whether a person has a controlling interest in the entity, the securities owned, controlled, or held by the President, the Vice President, the head of an Executive department, or a Member of Congress, shall be aggregated with the securities held by his or her spouse as determined under applicable common law; (7) any issuer, the securities of which are listed on an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. Each document posted on the site includes a link to the (2) What do lenders have to do in terms of loan underwriting? Accordingly, a single business entity that is assigned a NAICS code beginning with 72 is eligible to receive a Second Draw PPP Loan if it employs no more than 300 employees per physical location and meets the revenue reduction requirements and otherwise satisfies the eligibility criteria described in this IFR. Second Draw PPP Loans are generally subject to the same terms, conditions and requirements as First Draw PPP Loans. These applications can be for a completely "new" first draw loan or to "right size" (discussed below) their original loan. Follow the instructions for submitting comments. (1) If a First Draw PPP Loan is under review pursuant to PPP rules and/or information in SBA's possession indicates that the borrower may have been ineligible for the First Draw PPP Loan it received or for the loan amount received by the borrower, the lender will receive notification from SBA when the lender submits an application for guaranty of a Second Draw PPP Loan (unresolved borrower). (3) On the Second Draw PPP Loan borrower application, an authorized representative of the applicant[38] The interest rate will be 100 basis points or one percent, calculated on a non-compounding, non-adjustable basis. The Administrator, in consultation with the Secretary, has determined that this methodology is necessary to provide small businesses in the accommodation and food services sector the full amount of relief provided in the Economic Aid Act while allowing these borrowers to calculate their average monthly payroll costs accurately. All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer's request, investment income, and employee-based costs such as payroll taxes, may not be excluded from gross receipts. 18. See paragraph 7(a)(37)(I)(ii) of the Small Business Act. documents in the last year, 37 Play was stopped at the World Championship after a protester vandalised table one and a second person tried to attach themselves to table two. documents in the last year, 29 5 U.S.C. 9. A lender must make disbursement of the loan within ten calendar days of loan approval. Federal Register issue. of the consolidated interim final rule implementing . If you have an unresolved issue on your first draw PPP loan, move quickly to identify the additional documents requested and supply them to your lender. (vi) All loans will be processed by all lenders under delegated authority and lenders will be permitted to rely on certifications of the borrower in order to determine eligibility of the borrower and the use of loan proceeds. The agency must, however, publish the certification in the Federal Register at the time of publication of the rule, along with a statement providing the factual basis for such certification. If the agency head has not waived the requirements for a regulatory flexibility analysis in accordance with the RFA's waiver provision, and no other RFA exception applies, the agency must prepare the regulatory flexibility analysis and publish it in the Federal Register at the time of promulgation or, if the rule is promulgated in response to an emergency that makes timely compliance impracticable, within 180 days of publication of the final rule. Subsection (e)(9) also prohibits an entity that has permanently closed from receiving a Second Draw PPP Loan because paragraph 7(a)(37)(A)(iv) of the Small Business Act is best understood to describe existing businesses. Subsection (e)(1) ensures that a borrower that received a First Draw PPP Loan despite being ineligible to receive the loan is not eligible to receive a Second Draw PPP Loan. 3. the Built Environment The complexity of public-private partnership (PPP) project procurement requires an effective process for pricing, managing and . All references to subsections refer to section IV. If the lender identifies errors in the borrower's calculation or a material lack of substantiation in the borrower's supporting documents, the lender should work with the borrower to remedy the issue. 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