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Lots to digest in the R's latest stimulus proposal. Here are just a few of the more interesting tidbits w/ respect to the #PPP program (including a proposed PPP2):
(Note: Just a PROPOSAL at this point. Rs + Ds still need agreement before anything will get passed.
1) More...
Lots to digest in the R's latest stimulus proposal. Here are just a few of the more interesting tidbits w/ respect to the #PPP program (including a proposed PPP2):
(Note: Just a PROPOSAL at this point. Rs + Ds still need agreement before anything will get passed.
1) More...
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expenses will be eligible uses for PPP proceeds (and eligible for forgiveness), including PPE and other expenses incurred to comply w/ COVID safety guidelines.
2) Borrower could choose covered period of their choice between 8 weeks and 12/31/20. I see this primarily as a...
expenses will be eligible uses for PPP proceeds (and eligible for forgiveness), including PPE and other expenses incurred to comply w/ COVID safety guidelines.
2) Borrower could choose covered period of their choice between 8 weeks and 12/31/20. I see this primarily as a...
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way to allow biz owners to exhaust PPP funds, and then immediately furlough, terminate, etc. employees w/out impacting their forgiveness formula.
3) Loans under $150k (OVERWHELMING MAJORITY) would be automatically forgiven w/ borrower self-certification.
4) Wow... loans...
way to allow biz owners to exhaust PPP funds, and then immediately furlough, terminate, etc. employees w/out impacting their forgiveness formula.
3) Loans under $150k (OVERWHELMING MAJORITY) would be automatically forgiven w/ borrower self-certification.
4) Wow... loans...
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Between $150k and $2MM would be forgivable w/out the borrower being required to submit to a lender actual documentation of expenses, etc. Between the safe-harbor of $2million and this provision, it sure seems like there's ample opportunity for significant fraud, no?
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Between $150k and $2MM would be forgivable w/out the borrower being required to submit to a lender actual documentation of expenses, etc. Between the safe-harbor of $2million and this provision, it sure seems like there's ample opportunity for significant fraud, no?
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A NEW round of PPP loans for smaller (generally under 300 EEs) which had 50+% drop-off in rev in Q1 and/or Q2 compared to 2019.
Would be for up to another 2.5 months of payroll, w/ hard cap at $2MM. Forgiveness essentially the same terms as PPP1
6) PPP1 would be kept...
A NEW round of PPP loans for smaller (generally under 300 EEs) which had 50+% drop-off in rev in Q1 and/or Q2 compared to 2019.
Would be for up to another 2.5 months of payroll, w/ hard cap at $2MM. Forgiveness essentially the same terms as PPP1
6) PPP1 would be kept...
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around (not clear for how long), w/ a new lower hard cap of $2MM.
7) PPP1 borrowers could request an increase in loan proceeds if based on regs they were eligible for more $ than initially applied for
8) Changes to SBA 7(a) loans including maturity, amount, payment sched...
around (not clear for how long), w/ a new lower hard cap of $2MM.
7) PPP1 borrowers could request an increase in loan proceeds if based on regs they were eligible for more $ than initially applied for
8) Changes to SBA 7(a) loans including maturity, amount, payment sched...
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9) Added flexibility for businesses in bankruptcy to receive PPP funding
9) Added flexibility for businesses in bankruptcy to receive PPP funding
