This blog post will cover a couple of updates to the Paycheck Protection Program (the “PPP”) since它在四月推出。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.

Extension of Application Deadline

On July 4, 2020, the President signed a新的法律,延长了申请截止日期对于PPP从2020年6月30日至8月8日,2020年有大约132亿$ PPP中剩余的资金用于借款人申请。

Forgiveness of PPP

我该如何申请贷款宽恕?

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.

You may use the EZ form if one of the following is true:

  1. 借款人是自雇人士,没有员工;要么
  2. Borrower has employees but did not reduce their salaries or wages during the covered period by more than 25% and did not reduce the number of hours worked by the employees; or
  3. Borrower had employees, but did not reduce their salaries or wages during the covered period by more than 25%. AND, due to complying with laws requiring the business to reduce hours or stay closed during the covered period, the Borrower was unable to operate during the covered period at the same level the Borrower was operating its business prior to February 15, 2020.

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.

从提交贷款申请宽恕之日起,这意味着,借款人可以有自己的贷款是情有可原的等待长达150天进行确认。注:宽恕的通知将来自贷款人,而不是从SBA。

When Can I Apply for Loan Forgiveness?

小型企业管理局公布的2020年6月22日,临时最终规则,详细介绍时,借款人可以申请赦免。如果您已使用allthe 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].”

如上所述,规则允许你申请f要么giveness early – before the lapse of their respective covered period. The problem with seeking forgiveness early is the employer forfeits a safe harbor provision that permits them to restore salaries/wages of employees by December 31stto avoid the reduction in loan forgiveness provided. If you have not reduced the wages of your employees, you do not have to worry about this provision.

Audit Risks

小型企业管理局尚未发布了关于对审计安全港的任何详细信息,对借款人的申请一个严重的问题所需的最小文件和多重认证。

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.

This does not prohibit the SBA from auditing a loan under $2 million for other reasons, such as the credit elsewhere certification. PPP did not require documentation of a lack of credit elsewhere (which SBA disaster loans typically require). Instead, the Borrowers had to certify that they did not have sufficient access to credit. However, it is unlikely this will be a huge audit risk for Borrowers as traditional lines of credit were difficult to obtain for many businesses during the pandemic.

PPP贷款的披露

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.

下面是一些有趣的花絮:

  • Approximately 4.9 million loans were issued by the SBA totaling $521 billion dollars.
  • Pennsylvania businesses received PPP funding totaling $20.7 billion. 26,095 loans in Pennsylvania were for more than $150,000.
  • Approximately 85% of Pennsylvania’s PPP loans were worth less than $150,000.
  • Pennsylvania loan recipients reported 1.8 million jobs retained due to the PPP money, data which is self-reported.
  • The average loan size for a PPP nationwide was $107,000.
  • 美国财政部长史蒂夫Mnuchin是令人鼓舞的private schools with significant endowments to return PPP funds.Three private schools in Lancaster received PPP loans.
  • 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.
  • The U.S. Catholic Church received approximately $1.4 billion in PPP loans. Of that, the Archdiocese of New York received a loan between $5 and $10 million.
  • The Any Rand Institute received a loan between $350,000 and $1 million.
  • 美国运输部长的家族企业(最重要的海事)收到之间$ 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。
  • Restaurant chains P.F. Chang’s and Chopt received aid of between $5 million and $10 million. TGI Fridays received at least $5 million in PPP loans.
  • 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)。

法律法规仍然是活动目标COVID-19相关的救济。因此,今天所讨论的法律法规可能很快就会改变。请金宝搏网站关于更新的片酬保护方案,如果您有任何法律问题。

Nichole Baer是一名律师,在金宝搏网站罗素,克拉夫和格鲁伯,LLP,in Lancaster, Pennsylvania. She received her law degree from Stetson University, College of Law and practices in several areas, including商业Commercial Real EstateEstate Planning,andEstate Administration