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#HeroesAct2 — LiveTweeting Legislation
Like many #smallbiz attorneys and advocates, I’m spending most of tonight and tomorrow reading over the Democrats newly-released #COVID19 #stimulus package. As I review, I’ll share some insights and discoveries. Stay tuned!
Like many #smallbiz attorneys and advocates, I’m spending most of tonight and tomorrow reading over the Democrats newly-released #COVID19 #stimulus package. As I review, I’ll share some insights and discoveries. Stay tuned!
Congress proposes three #setasides for #PPP funding:
(1) at least 10% for #smallbiz with fewer than 10 employees OR for certain loans made to biz in low- and mod-income areas
(2) < 30% for nonprofits, housing coops, and hotels/restaurants
(3) < 50% for supplemental PPP loans.
(1) at least 10% for #smallbiz with fewer than 10 employees OR for certain loans made to biz in low- and mod-income areas
(2) < 30% for nonprofits, housing coops, and hotels/restaurants
(3) < 50% for supplemental PPP loans.
Also similarly reserves the lesser of 25% or $15B of the unused #PPP loans appropriations for loans by Community Financial Institutions.
On 5/13, #SBA provided some relief for #smallbiz concerned with possible SBA audits, particularly related to “economic need” certifications and the “good faith” safe harbor. But, #PPP loan recipients did not receive a full reprieve from all challenges. kaneesq.com/insights/ppp-l…
Despite the grace for “economic need” certifications, #SBA audits and post-hoc reviews still present significant risks for borrowers and even lenders, regardless of the #PPP loan amount.
Borrowers of less than $2 million should still prepare for potential #SBA audits and post-hoc reviews, particularly if they apply for #PPP loan #forgiveness. These reviews will likely require borrowers to substaniate size, #affiliations, #NAICS code, and even #creditworthiness.
T-minus #1Day until the U.S. Small Business Administration opens the doors to the #PaycheckProtectionProgram.
As #smallbiz prepare their applications, they should make sure to consider:
sba.gov/funding-progra…
As #smallbiz prepare their applications, they should make sure to consider:
sba.gov/funding-progra…
What is my primary #NAICS code?
Is 500 employees the right #sizestandard for my business?
