本博客文章将涵盖从几个更新的片酬保护计划（以下简称“PPP”）的it launched in April。In the past month, more details have emerged about applying for loan forgiveness as well as the audit risk, disclosure of some PPP recipients, and application deadline.
On July 4, 2020, the President signed a新的法律，延长了申请截止日期for the PPP from June 30, 2020 to August 8, 2020. There is approximately $132 Billion left in PPP funds for Borrowers to apply for.
Forgiveness of PPP
How Do I Apply for Loan Forgiveness?
In order to receive loan forgiveness, you must complete and submit the “Loan Forgiveness Application” to the lender servicing the loan. You must use SBA Form 3508 or 3508EZ or a lender equivalent form.
- Borrower is self-employed and has no employees; or
The lender will review your application for forgiveness and issue its decision within 60 days to the U.S. Small Business Administration (the “SBA”). After an internal review of the loan and the forgiveness application, the SBA will then remit the forgiveness amount to the lender no more than 90 days after the lender issues its decision to the SBA.
The SBA released an interim final rule on June 22, 2020 which details when a Borrower can apply for forgiveness. If you have usedall日e loan proceeds you want forgiven, the rule states: “a borrower may submit a loan forgiveness application any time on or before the maturity date of the loan – including before the end of the covered period [8 weeks or 24 weeks depending on the date you obtained your loan].”
如前所述，规则也允许你申请宽恕早 - 它们各自的覆盖期限届满之前。早期寻求宽恕的问题是用人单位丧失安全港规定，允许他们通过12月31日恢复员工的薪金/工资ST为了避免在提供贷款免除的减少。如果你还没有降低员工的工资，你不必对这一规定担忧。金宝搏网址
The SBA has not issued any more information regarding a safe harbor for audits, a serious concern for Borrowers as the application required minimal documentation and multiple certifications.
One audit risk is a Borrower must have had economic uncertainty due to COVD-19. In prior guidance, the SBA did provide a small safe harbor provision for Borrowers. If a Borrower received a loan under $2 million, the SBA will consider the loan made in good faith based on economic uncertainty and will not inquire further.
On July 6, 2020, the SBA released some data they maintained regarding the PPP loans issued as of July 6, 2020. However, that release was limited to Borrowers who had received loans of $150,000 or more. For Borrowers who received more than $150,000, the SBA disclosed the name, address, how many jobs retained, and the lending bank to the public.
Here are some interesting tidbits:
- Approximately 4.9 million loans were issued by the SBA totaling $521 billion dollars.
- 宾夕法尼亚州的企业获得资金的PPP共计$ 20.7十亿。26095个贷款在宾夕法尼亚州共超过$ 150,000。
- Approximately 85% of Pennsylvania’s PPP loans were worth less than $150,000.
- 平均贷款规模为PPP全国范围内是$ 107,000名。
- A lawsuit was filed on May 12, 2020 in the U.S. District Court in Washington, D.C. to obtain more transparency as less than 15% of all loans issued have been disclosed to the public.
- 美国天主教会收到大约$ 1.4十亿在PPP贷款。如此，纽约大主教管区接受了$ 5至$ 1千万之间的贷款。
- 在任何兰德研究所接受了$ 350,000 $到100万之间的贷款。
- 美国运输部长的家族企业（最重要的海事）收到之间$ 350,000.00和$ 100万的贷款。美国运输部长是参议院多数党领袖，麦康奈尔的妻子。
- 餐厅连锁店P.F.常氏和Chopt收到之间的500万$和$ 10万的援助。TGI星期五在PPP借款收到至少$ 5万元。
- Many news organizations received PPP loans including Forbes Media (about $5 million), the Washington Times (at least $1 million), and the Daily Caller (at least $350,000).
- 在2020年7月6日，是由于舆论哗然部分返回超过30十亿$的贷款。然而，返回了一些贷款企业无法满足支出资金的原始需求。那些谁归还资金包括茹丝葵牛排馆链（20亿$），摇夏克（$ 10亿美元），和AutoNation的（$ 77国亿美元）。
Laws and regulations remain a moving target for COVID-19-related relief. As such, the laws and regulations discussed today may change soon. Please金宝搏网站regarding the updates to the Paycheck Protection Program if you have any legal concerns.