Document Drafting Handbook A business concern or entity primarily engaged in political activities or lobbying activities, including any entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or that describes itself as a think tank in any public documents; certain entities organized under the laws of the People's Republic of China or the Special Administrative Region of Hong Kong, or with other specified ties to the People's Republic of China or the Special Administrative Region of Hong Kong; any person required to submit a registration statement under section 2 of the Foreign Agents Registration Act of 1938 (. 35. (10) For purposes of calculating a borrower's maximum payroll costs, a borrower may multiply its average monthly payroll costs by 3.5 only if the borrower is in the Accommodation and Food Services sector and has reported a NAICS code beginning with 72 as its business activity code on its most recent IRS income tax return. documents in the last year, 10 The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. SBA has requested emergency approval for the IC required to implement the Second Draw PPP Program described above. 18. Use the PDF linked in the document sidebar for the official electronic format. Federal Register provide legal notice to the public and judicial notice Document page views are updated periodically throughout the day and are cumulative counts for this document. Consistent with the Economic Aid Act, subsections (f)(3) and (f)(4) of the IFR include tailored calculation methodologies for seasonal businesses, new entities that did not exist for the full twelve-month period preceding the Second Draw PPP Loan, and borrowers assigned a NAICS code beginning with 72 at the time of disbursement. Comment Date: Comments must be received on or before February 16, 2021. The SBA will accept applications until March 31 or until funds run out, an outcome that is not expected at this time. (D) All terms in this subsection shall have the meaning attributed to them by the IRS. The Second Edition of this best-selling introduction for practitioners uses new and services, go to This article summarizes which businesses are not eligible for First Draw PPP Loans and Second Draw PPP Loans. (B) 3 percent of the balance of the financing outstanding at the time of disbursement of the loan for a loan above $350,000. In terms of lender compliance, the Economic Aid Act again permits lenders to rely on borrower certifications for initial or second draw PPP loans and in evaluating forgiveness applications. However, we lack data to estimate the effects of this rule. Questions on the Paycheck Protection Program 7(a) Loans (First Draw PPP Loans and Second Draw PPP Loans) may be directed to the Lender Relations Specialist in the local SBA Field Office. This clarification will help ensure program integrity by preventing a borrower from receiving a Second Draw PPP Loan if the borrower has not complied with PPP loan program requirements.[6]. (1) A lender approved to make First Draw PPP Loans may make Second Draw PPP Loans under the same terms and conditions applicable to First Draw PPP Loans, including all requirements under sections (C) and (D) of the Consolidated First Draw PPP IFR, except as otherwise provided in this section. designed to cover the modelling issues that are relevant to facilitate the construction of robust and readily understandable models. (C) was in business as of February 15, 2020; is calculated according to (ii) or (iii) of this subsection(e)(6), depending on whether the borrower has employees. See generally section (B)(2) of the Consolidated First Draw PPP IFR. Almost $400 billion has been forgiven. on (2) What do lenders have to do in terms of loan underwriting? These include, but are not limited to the following terms: Subsection (b) of this IFR confirms that these terms apply to Second Draw PPP Loans. 612). In addition, the Economic Aid Act provides that a Second Draw PPP Loan may only be made to an eligible borrower that (i) has received a First Draw PPP Loan, and (ii) has used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower. All references to subsections refer to section IV. Per the SBA's Jan. 14, 2021, Interim Final Ruling (IFR) Protection Program (PPP) Second Draw Loans, if a first draw PPP loan has an unresolved issue, which may be due to hold codes or compliance . Draw the structure of the compound identified by the simulated - H NMR and IC NMR spectra. Finally, subsection (f)(9) provides that businesses that are part of a single corporate group shall in no event receive more than $4,000,000 of Second Draw PPP Loans in the aggregate. This rule is necessary to implement the Economic Aid Act in order to provide economic relief to small businesses nationwide adversely impacted under the COVID-19 Emergency Declaration. If you are using public inspection listings for legal research, you (iii) If the applicant is self-employed and does not have employees, the applicant must provide (a) its 2019 or 2020 (whichever was used to calculate loan amount) Form 1040 Schedule C, (b) a 2019 or 2020 (whichever was used to calculate loan amount) IRS Form 1099-MISC detailing nonemployee compensation received (box 7), invoice, bank statement, or book of record that establishes that the applicant is self-employed; and (c) a 2020 invoice, bank statement, or book of record to establish that the applicant was in operation on or around February 15, 2020. (1) Second Draw PPP Loans are subject to SBA's and the Department of the Treasury's (Treasury's) consolidated interim final rule implementing the Paycheck Protection Program (Consolidated First Draw PPP IFR) and all PPP loan program requirements, except as otherwise provided in this section, including but not limited to the following terms: (i) The guarantee percentage is 100 percent. All loans will be processed by all lenders under delegated authority and lenders will be permitted to rely on certifications of the borrower to determine the borrower's eligibility and use of loan proceeds. These methodologies are based on the corresponding methodologies for self-employed individuals and partnerships that are used for First Draw PPP Loans. The loan amounts received by borrowers for First Draw PPP Loans and Second Draw PPP Loans will not be aggregated. 3. documents in the last year, by the International Trade Commission Last year, GNGH2 received a relator's share of an undisclosed amount when a Wisconsin advertising agency paid $2.25M to settle similar allegations that it was ineligible for a second-draw PPP . The guidance, however, does not clarify what is intended by "receive a . on FederalRegister.gov documents in the last year, 28 11. SBA will post all comments on www.regulations.gov. The President of the United States manages the operations of the Executive branch of Government through Executive orders. This summary provides additional information and explains the key terms in the IFR. Generally, receipts are considered total income (or in the case of a sole proprietorship, independent contractor, or self-employed individual gross income) plus cost of goods sold, and excludes net capital gains or losses as these terms are defined and reported on IRS tax return forms. on 1602), including any entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or Start Printed Page 3719otherwise describes itself as a think tank in any public documents; (i) For which an entity created in or organized under the laws of the People's Republic of China or the Special Administrative Region of Hong Kong, or that has significant operations in the People's Republic of China or the Special Administrative Region of Hong Kong, owns or holds, directly or indirectly, not less than 20 percent of the economic interest of the business concern or entity, including as equity shares or a capital or profit interest in a limited liability company or partnership; or. for better understanding how a document is structured but The Economic Aid Act does not include a general definition of gross receipts for purposes of determining a borrower's revenue reduction. 6. Excluding the forgiveness amount from a borrower's gross receipts is consistent with section 7A(i) of the Small Business Act, which expressly excludes PPP forgiveness amounts from being taxed as income. (3) SBA will pay lenders fees for processing Second Draw PPP Loans in the following amounts:Start Printed Page 3722. A borrower that has temporarily closed or temporarily suspended its business remains eligible for a Second Draw PPP Loan. Section 317 of the Economic Aid Act modified this provision for Second Draw PPP Loans by reducing the limit on employees per physical location to 300. 1H NMR 1H 2H JI 2H 2H 2HII 3H 10 6 8 (ppm) 4 2 O 13C NMR 220 200 180 160 140 120 100 80 60 40 20 0 8 (ppm) Deduce the structure from the spectra. You may submit comments, identified by number SBA-2021-0002 through the Federal eRulemaking Portal: http://www.regulations.gov. (c) Who is eligible for a Second Draw PPP Loan? (j) Are Second Draw PPP Loans eligible for loan forgiveness? 8. The Economic Aid Act also prohibits several additional categories of borrowers from receiving a Second Draw PPP Loan under section 7(a)(37) of the Small Business Act. (iv) The interest rate will be 100 basis points or one percent, calculated on a non-compounding, non-adjustable basis. These tools are designed to help you understand the official document Paragraph 7(a)(36)(D)(iv) of the Small Business Act. the current document as it appeared on Public Inspection on (ii) Gross receipts of affiliates are calculated as follows: (A) Gross receipts of a borrower with affiliates is calculated by adding the gross receipts of the business concern with the gross receipts of each affiliate. without regard for whether such a station is a concern as defined in 13 CFR 121.105, or any successor thereto) that employs not more than 500 employees, or the size standard established by the Administrator for the NAICS code applicable to the business concern, per physical location of such business concern and is majority owned or controlled by a business concern that is assigned a NAICS code beginning with 511110 or 5151; or (b) any nonprofit organization that is assigned a NAICS code beginning with 5151. 636(a)(36); Coronavirus Aid, Relief, and Economic Security Act, Pub. 20. (ii) Each lender's underwriting obligation under the Second Draw PPP is limited to the items above and reviewing the Paycheck Protection Program Second Draw Borrower Application Form (SBA Form 2483-SD) or lender's equivalent form. legal research should verify their results against an official edition of Specifically, the RFA normally requires agencies to describe the impact of a rulemaking on small entities by providing a regulatory impact analysis. If you do go back into your application and make. (2) Frequently Asked Questions and other guidance issued by SBA or by SBA in consultation with the Department of the Treasury with respect to PPP loans under section 7(a)(36) of the Small Business Act (15 U.S.C. Preserving funds for such businesses is necessary because only businesses that are still in operation will retain employees, which is a primary purpose of the PPP. These provisions allow a lender approved to make Second Draw PPP Loans to use existing program guidance and standard operating procedures to the maximum extent practicable. (iv) The amount of any forgiven First Draw PPP Loan shall not be included toward any borrower's gross receipts. Furthermore, the SBA has issued guidance on first draw PPP loans and on the Second Draw Loans . Economic Aid Act Provides Second Draw PPP Loans, Jan. 15, 2021 SBA to Require PPP Borrowers of $2 Million-Plus to Complete Loan Necessity Questionnaires, November 24, 2020 SBA Issues Much-Anticipated Guidance Regarding Changes of Ownership in PPP Loans, October 8, 2020 However, SBA noted that "lenders that submitted a Second Draw PPP Loan guarantee application before January 27, 2021, that was rejected due to an unresolved issue with the first draw PPP Loan, should resubmit these applications." SBA also issued procedural notices related to various provisions of the most recent COVID-19 relief law. In addition, section 7(a)(37)(B) provides that the Administrator may guarantee covered loans to eligible entities under the same terms, conditions, and processes as First Draw PPP Loans. A borrower that did not experience a 25 percent annual decline in revenues, or that was not in operation in all four quarters of 2019, may still meet the revenue reduction requirement under one of the quarterly measurements described above. that is not more than $100,000, divided by 12; (2) the average total monthly payment for employee payroll costs incurred or paid by the borrower during the same year elected by the borrower; by, (B) 2.5 (or, only for a borrower assigned a NAICS code beginning with 72 as defined in subsection (f)(10) at the time of disbursal, 3.5); or. (C) The gross receipts of a former affiliate are not included. Counts are subject to sampling, reprocessing and revision (up or down) throughout the day. These include, but are not limited to the following terms: The guarantee percentage is 100 percent. The Economic Aid Act generally provides that a borrower is eligible for a Second Draw PPP Loan only if it has 300 or fewer employees and experienced a revenue reduction in 2020 relative to 2019 (described further below). Moreover, this approach is appropriate because, if annual filings show a 25 percent revenue reduction, then at least one quarter in 2020 would have had at least a 25 percent revenue reduction. By Adam Sweet, J.D., LL.M. 9005) was redesignated as section 7A, transferred to the Small Business Act (15 U.S.C. 681); and (4)(a) any business concern (including any station which broadcasts pursuant to a license granted by the Federal Communications Commission under title III of the Communications Act of 1934 (47 U.S.C. The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. 31. Like First Draw PPP Loans, Second Draw PPP Loans are intended to provide expeditious relief to America's small Start Printed Page 3713businesses. 4 . before SBA issues a loan number for the loan, the Applicant is ineligible for the loan and acceptance of any loan proceeds will be considered an unauthorized use; (2) the President, the Vice President, the head of an Executive department, or a . Each document posted on the site includes a link to the (D) The Applicant is not required to submit a registration statement under section 2 of the Foreign Agents Registration Act of 1938 (22 U.S.C. These applications and the guidance can be found on the Treasury's website ( www.treasury.gov ). In such cases, additional documentation is not required because the lender already has the relevant documentation supporting the borrower's payroll costs. Section 311 of the Economic Aid Act adds a second temporary program to SBA's 7(a) Loan Program titled, Paycheck Protection Program Second Draw Loans. This interim final rule implements the key provisions of section 311 of the Economic Aid Act and requests public comment. If a borrower does not submit an application for loan forgiveness, such documentation must be provided upon SBA's request. L. 116-260) into law to provide continued assistance to individuals and businesses that have been financially impacted by the ongoing coronavirus pandemic. In place to avoid making superfluous PPP loan payments, loan must submit loan forgiveness applications to their lenders within 10 months free the end of their respective covered periods. To be eligible for a Second Draw PPP Loan, a borrower must certify on SBA Form 2483-SD that, before the Second Draw PPP Loan is disbursed, the borrower will have used the full loan amount (including any increase) of its First Draw PPP Loan "only for eligible expenses." The local SBA Field Office may be found at https://www.sba.gov/tools/local-assistance/districtoffices. 21. This treatment follows the computation of self-employment tax from IRS Form 1040 Schedule SE Section A line 4 and removes the employer share of self-employment tax, consistent with how payroll costs for employees in the partnership are determined. Subsection (j) contains forgiveness provisions specific to Second Draw PPP loans. (7) The maximum amount of a Second Draw PPP Loan to a borrower that has income from self-employment and files a Form 1040, Schedule C, is calculated as follows, depending on whether the borrower has employees: (i) For a borrower that has income from self-employment and does not have any employees, the maximum loan amount is the lesser of: (1) The net profit of the borrower in 2019 or 2020, as reported on IRS Form 1040 Schedule C, that is not more than $100,000, divided by 12; and. Undersecretary of Works in Bahrain with primary focus on major infrastructure ,PPP/ affordable housing . The Second Draw PPP IFR confirms that the last day to "apply for and receive" a Second Draw PPP loan is March 31, 2021. January 14, 2021) and PPP Second Draw Loans (86 FR 3712, January 14, 2021). has no substantive legal effect. This document has been published in the Federal Register. Therefore, SBA has determined that this rule has no federalism implications warranting preparation of a federalism assessment. regulatory information on FederalRegister.gov with the objective of These calculations are reflected in subsection (f) of this IFR. (The revenue reduction requirement is addressed in subsection (c)(1)(iv) of this IFR.) In addition, this rule is being issued to allow for immediate implementation of this program. With an additional $284 billion allocated to the PPP, the Small Business Administration has released initial guidance related to first draw and second draw PPP loans. 636(a)(37)), SBA is authorized to guarantee Paycheck Protection Program Second Draw Loans (Second Draw PPP Loans). (B) If a borrower has acquired an affiliate or been acquired as an affiliate during 2020, gross receipts includes the receipts of the acquired or acquiring concern. 35), and the Regulatory Flexibility Act (, Paperwork Reduction Act, 44 U.S.C. 601(3)-(6). A partnership must also include its IRS Form 1065 K-1s. The interest rate will be 100 basis points or one percent, calculated on a non-compounding, non-adjustable basis. From Jan. 11 through Jan. 24, SBA approved more than 400,000 loans for $35 billion, according to an agency report. Subsection (e)(1) of the IFR implements this restriction. The documentation required to substantiate an applicant's payroll cost calculations is generally the same as documentation required for First Draw PPP Loans. (v) For the purpose of determining whether a person has a controlling interest in the entity, the securities owned, controlled, or held by the President, the Vice President, the head of an Executive department, or a Member of Congress, shall be aggregated with the securities held by his or her spouse as determined under applicable common law; (7) any issuer, the securities of which are listed on an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 (15 U.S.C. In addition, as discussed below, under the Consolidated First Draw PPP IFR, SBA's affiliation rules (13 CFR 121.301) do not apply to any business entity that is assigned a NAICS code beginning with 72 and that employs not more than a total of 500 employees. documents in the last year, 29 Specifically, business concerns with a NAICS code beginning with 72 qualify for the affiliation waiver for Second Draw PPP Loans if they employ 300 or fewer employees. Loans of $150,000 or less account for 93% of outstanding PPP loans, the SBA said. Subsection (e)(9) also prohibits an entity that has permanently closed from receiving a Second Draw PPP Loan because paragraph 7(a)(37)(A)(iv) of the Small Business Act is best understood to describe existing businesses. 19. Subsection (c)(2) of the IFR clarifies that this definition, which generally relates to eligible nonprofit organizations, applies only to eligible nonprofit news organizations rather than to all eligible news organizations. Choose Get Payroll Updates. Uses of your new Second Draw PPP Loan: The SBA has expanded the uses for a Second Draw PPP Loan, beyond the simple payment of your monthly "owner profit." However, at least 60% of the new Second Draw PPP Loan must be used to pay your owner profit each month and cannot be more than $8,333/month or $100,000/year. (vi) All loans will be processed by all lenders under delegated authority and lenders will be permitted to rely on certifications of the borrower in order to determine eligibility of the borrower and the use of loan proceeds. Congress designated $137 billion for PPP second draw loans as part of a larger funding and relief package. SBA guarantees 100 percent of Second Draw PPP Loans and SBA may forgive up to the full principal loan amount. This furthers the purpose of the second draw loan provisions, which is to deliver additional aid to small businesses that previously received a First Draw PPP Loan. 37. the Built Environment The complexity of public-private partnership (PPP) project procurement requires an effective process for pricing, managing and . These applications can be for a completely "new" first draw loan or to "right size" (discussed below) their original loan. documents in the last year, by the Animal and Plant Health Inspection Service documents in the last year, 296 All terms in this subsection have the same definitions as in sections 7(a)(36) and (37) of the Small Business Act and the Consolidated First Draw PPP IFR, as applicable. 1. The key differences between First Draw PPP Loans and Second Draw PPP Loans are described in this IFR, which explains the loan terms, eligibility requirements, and application process for Second Draw PPP Loans. These terms and conditions specific to Second Draw PPP Loans are summarized below. An updated PPP application form has been issued by the SBA, together with an application for the new Second Draw Loan program. However, if a concern acquired a segregable division of another business concern during 2020, gross receipts do not include the receipts of the acquired division prior to the acquisition. Learn more here. Highlight the information that you consider to be CBI and explain why you believe SBA should hold this information as confidential. Paragraph 7(a)(37)(A)(iv)(III)(ee) of the Small Business Act. Global challenges and issues, such as armed conflicts, terrorism, inequality and injustice, migration, religious and cultural . Subsections (c)(3) and (c)(4) of the IFR implement these statutory provisions. These can be useful [16] (2) Except as otherwise provided in subsection (f)(3) through (f)(7), the maximum amount of a Second Draw PPP Loan is calculated as the lesser of: (A) The average total monthly payment for payroll costs incurred or paid by the borrower during 2019 or 2020 (at the election of the borrower); by. implementing updates to the PPP. At Womply, a. FAQ #63 and subsection (c) of the interim final rule for Second Draw PPP Loans. For borrowers assigned a NAICS code beginning with 72 at the time of disbursement, the Economic Aid Act provides that the maximum loan amount is equal to three-and-a-half (3.5) months of payroll costs rather than two-and-a-half (2.5) months. Under section 801(3) of the CRA, a major rule takes effect 60 days after the rule is published in the Federal Register. (2) 2.5 (or, only for a borrower assigned a NAICS code beginning with 72 as defined in subsection (f)(10) at the time of disbursement, 3.5). The OFR/GPO partnership is committed to presenting accurate and reliable 804(2)). 04/17/2023, 863 [20] These methodologies have been adjusted to eliminate the provision for refinancing of an EIDL loan, which does not apply to Second Draw PPP loans and to apply the choice of time period for calculating payroll costs, consistent with other Second Draw PPP loans. Different eligibility requirements apply to Second Draw PPP Loans. 28. [7] are not part of the published document itself. [12] The Economic Aid Act included a new payroll cost calculation for farmers and ranchers receiving First Draw PPP Loans. The Economic Aid Act provides that, to be eligible for a Second Draw PPP Loan, the borrower must have experienced a revenue reduction of 25% or greater in 2020 relative to 2019. or as otherwise specified in subsections (f)(2) through (f)(9) of this section. Which program provides small businesses with funds in pay up to 8 weeks of payroll costs including benefits. Unlike First Draw PPP Loans, the Economic Aid Act provides that the relevant time period for calculating a borrower's payroll costs for a Second Draw PPP Loan is either the twelve-month period prior to when the loan is made or calendar year 2019. These markup elements allow the user to see how the document follows the However, the CARES Act waived the affiliation rules for certain categories of borrowers. 14. documents in the last year, 945 This feature is not available for this document. 1503 & 1507. Open for Comment, Economic Sanctions & Foreign Assets Control, Tool Chests and Cabinets From China and Vietnam, Experimental Permits for Reusable Suborbital Rockets, Animal and Plant Health Inspection Service, Medicaid and Children's Health Insurance Program, Prohibition on Use by the United States Government of Commercial Spyware That Poses Risks to National Security, II. Given the short duration of this program, and the urgent need to issue loans quickly, the Administrator in consultation with the Secretary has determined that it is impractical and not in the public interest to provide a delayed effective date. See subsection (D)(7) of the Consolidated First Draw PPP IFR. The $284 billion includes funding for businesses that already received a PPP loan under the Coronavirus Aid, Relief and Economic Security (CARES) Act (referred to as "second draw loans") and . Small Business Paycheck Protection Program Which Paycheck Protection Software fixed by the CARES Act, is implemented by aforementioned Small Business Administration in support from the Department off an Treasury. [29] 29. 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