Paycheck Protection Loan - the SBA thing - any business or non-profit - I don't see any industry restrictions whatsoever
Limited to the lesser of average total monthly "payroll costs incurred" or $10 million
interest rate cap of 4%
$349 billion in funding
Limited to the lesser of average total monthly "payroll costs incurred" or $10 million
interest rate cap of 4%
$349 billion in funding
these loans FORGIVEN to the extent that during the eight-week period after commencement of the loan
"equal to the sum of the following"
Payroll
Mortgage
Rent
Utility costs
so just have to keep the lights on people
"equal to the sum of the following"
Payroll
Mortgage
Rent
Utility costs
so just have to keep the lights on people
if you let employees go / reduce payroll costs on an average monthly basis following receipt of the loan, your forgiveness amount decreases pro rata
same rules if you cut salaries "in excess of 25%"
same rules if you cut salaries "in excess of 25%"
$675 million coming in SBA salaries & expenses - not a bad place to look for a job I suppose in the coming weeks
they aren't messing around with UI per earlier analysis by @arindube
100% reimbursement by the feds to states
100% reimbursement by the feds to states
no surprises on earlier reporting of the amounts or income limits
IRA / 401k distribution limit $100,000 to be considered coronavirus distributions
CORONAVIRUS DISTRIBUTIONS may be on a Form 1099-R code in our future BOX 7 CODE CV
CORONAVIRUS DISTRIBUTIONS may be on a Form 1099-R code in our future BOX 7 CODE CV
broad definition of what qualifies as a coronovirus distribution
three-year spread of any tax due to coronavirus distributions
pro-rata in 2020 / 2021 / 2022 (33.3% each)
pro-rata in 2020 / 2021 / 2022 (33.3% each)
RMD waiver for 2020 confirmed
new max $300 above-the-line deduction allowed for charitable contributions for standard filers
credit of 50% of qualified wages (limit $10,000) limited to quarterly employment taxes
for businesses suffering a 50-80% decline in gross receipts (per quarter, year/year)
this one broke my brain a little bit trying to parse it out
for businesses suffering a 50-80% decline in gross receipts (per quarter, year/year)
this one broke my brain a little bit trying to parse it out
regardless, loan recipients aren't eligible for this credit
nearly a two-year deferral on payroll taxes due in 2020 to 50% paid by January 1st, 2021, and the remaining 50% due December 31st, 2021
NOL rules relaxed to allow carrybacks to apply 2020 tax losses against prior tax years
up to five years backwards beginning 2018 tax year
business interest deduction limit expanded for 2019 & and 2020 tax years from 30% to 50% of EBITDA
EXCISE TAX-FREE BOOZE* AWWWWW YEEEAAAAAAAAHHHHH
*𝘪𝘧 𝘶𝘴𝘦𝘥 𝘧𝘰𝘳 𝘩𝘢𝘯𝘥 𝘴𝘢𝘯𝘪𝘵𝘪𝘻𝘦𝘳
*𝘪𝘧 𝘶𝘴𝘦𝘥 𝘧𝘰𝘳 𝘩𝘢𝘯𝘥 𝘴𝘢𝘯𝘪𝘵𝘪𝘻𝘦𝘳
$1.32 billion in awards for prevention / diagnosis / prevention
Federal Pell Grant waiver if withdrawal is connected to a qualifying emergency (COVID-19)
federal loans cancelled too if withdrawal is based on emergency
federal student loans SUSPENDED without interest
through September 30, 2020
through September 30, 2020
[ sniff sniff ] what's that STENCH
oh
it's a 500 BILLION DOLLAR SLUSH FUND BABY
oh
it's a 500 BILLION DOLLAR SLUSH FUND BABY
interesting - big business loans:
- interest rate tied to "not less than" market conditions prior to outbreak
- as short as possible not to extend five years
¯\_(ツ)_/ ¯
- interest rate tied to "not less than" market conditions prior to outbreak
- as short as possible not to extend five years
¯\_(ツ)_/ ¯
buybacks?
dividends?
DENIED
dividends?
DENIED
must maintain 90% of workforce as of 03/24/20
them loans SHALL NOT BE FORGIVEN
executive pay limited to 2019 levels
severance limited to 2x 2019
severance limited to 2x 2019
not to exceed $3 million
Air Service Shall Continue at February 2020 levels!
or no loans
or no loans
EVICTIONS SUSPENDED for federally-backed loan recipients
for 120 days (four months, so let's say July 31st) of issuance of bill
I expect that states will follow with similar legislation but I'm not clear where the lines are on whether this can be mandatated ( or else what? )
for 120 days (four months, so let's say July 31st) of issuance of bill
I expect that states will follow with similar legislation but I'm not clear where the lines are on whether this can be mandatated ( or else what? )
no participation due to conflict of interest for 20% or more control or equity ownership of:
President
Vice President
Executive Branch department head
Member of Congress
Spouse / Child / In-law
hunh I wonder why this was put in the bill....
President
Vice President
Executive Branch department head
Member of Congress
Spouse / Child / In-law
hunh I wonder why this was put in the bill....
and we're voting people
Senate passed unamended bill unanimously 96-0
next up - House on Friday 9 AM
next up - House on Friday 9 AM
