COVID-19相关的法律和法规继续保持一个移动的目标。总统2020年6月5日签署成为法律的片酬保护计划灵活性法案(以下简称“法案”),以及we posted the highlights上June 9, 2020. A mere ten days after the passage of that Act, things have already changed, largely due to the U.S. Treasury issuing regulations on June 11th.

Here is a summary of some of the Paycheck Protection Program changes as of June 18, 2020, with the caveat that things will likely change again.

扩展应用?没有这么快

该法案似乎从2020年6月30日,延长贷款PPP申请的截止日期至2020年12月31日,然而,在一份联合声明issued on June 8, 2020 by the Small Business Administration (the “SBA”) Administrator Jovita Carranza and the U.S. Treasury Secretary Steven T. Mnuchin, June 30, 2020 will remain the last date the SBA will approve a PPP loan application.

使用期限不可选

The Act also changed the time period for borrowers to use PPP loan funds from eight weeks to twenty-four weeks. Experts initially interpreted the Act as permitting borrowers to elect either the eight-week period or the twenty-four-week period. This understanding has since changed.

Borrowers who received their loans prior to June 5, 2020 are permitted to use either the eight-week or twenty-four-week period. However, borrowers who received their loans after June 5, 2020是必须的使用24周时期。这种限制可能是后面将要修正,因为它似乎违背了国会的意图向借款人提供更多的灵活性错误(更不用说完全任意)。

Additionally, the requirement that the borrowers use the funds by December 31, 2020 remains. Some borrowers will then have a use period of longer than eight weeks but shorter than twenty-four weeks, depending on when their loan funds.

The New 60% Use Rule is Apparently Not a Cliff

该资金用于工资相关的费用有资格获得其贷款的全面赦免。宽恕减少,但没有消除,如果借款人使用的资金不到75%说工资成本。该法案改变了这个需求到60%,但该法的早期的解释认为,它现在是一个悬崖(意思是有没有局部宽恕的情况而定)。

This is apparently not the case. Instead,the First Interim Final Ruleprovides that a borrower will still qualify for partial forgiveness if they use less than 60% of their loan funds for payroll-related expenses.

Spin the Wheel, Get a Maturity Date!

In another turn of events, also hopefully in error, there are now two minimum maturity dates for PPP loans. The Act extended the minimum maturity from two years to five years, apparently for all borrowers. Unfortunately, this appears to not be the case anymore.

The First Interim Final Rule issued guidance to lenders that loans approved

  • before June 5, 2020 will have a two-year maturity
  • 6月5日或之后,2020年将有一个5年到期。
  • Note: The approval is based on the date SBA assigns a loan number to the loan.

对于谁不符合新的五年最低到期日,银行和借款人的借款人可以agreeto extend the maturity date on the loans to a period longer than two years. However, it is counterintuitive to permit two different maturity dates for the same loan program and, of course, puts all the power in the hands of the banks who already are anxious to get these loans off their books.

Ex-Felons May Now Apply

此前2020年6月12日,个人谁在过去的五年内有重罪判决没有资格获得贷款PPP。现在,随着重罪判决个人都可以,只要信念不过去的一年内申请。

然而,五年的限制仍然是谁被指控为某些类型的金融犯罪,包括,但不限于,抢劫,贪污,诈骗这些人,使得在贷款申请虚假陈述,或在作出虚假陈述申请联邦资金援助。如果借款人是一个实体,该禁令适用如果前罪犯拥有实体的20%以上。

尽管这些可能不会是最后一次的薪水保护计划的改变,放心,我们将继续与你需要知道你的更新。

蔻贝尔is an attorney atRussell, Krafft & Gruber, LLP在兰开斯特,宾夕法尼亚州。她获得法律学位,从斯泰森大学法律和实践学院在几个方面,包括Business,Commercial Real Estate,遗产规划Estate Administration.