Paragraph 7(a)(37)(E) of the Small Business Act, as amended by the Economic Aid Act, applies the same Start Printed Page 3715waivers to Second Draw PPP Loans, adds a waiver for certain eligible news organizations, and makes adjustments to reflect the reduced size requirement for Second Draw PPP Loans. Notwithstanding this requirement, section 808(2) of the CRA allows agencies to dispense with the requirements of section 801 when the agency for good cause finds that such procedure would be impracticable, unnecessary, or contrary to the public interest and the rule shall take effect at such time as the agency promulgating the rule determines. (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. Paragraph 7(a)(36)(D)(iv) of the Small Business Act. Each document posted on the site includes a link to the If a borrower has not submitted new payroll documentation with its Second Draw PPP Loan application because it previously submitted 2019 payroll information to the same lender when it applied for its First Draw PPP Loan, then the lender must confirm the borrower's average monthly payroll costs based on that prior documentation. 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 30-day delayed effective date. See subsection (D)(7) of the Consolidated First Draw PPP IFR. (i) for a Second Draw PPP Loan of up to (and including) $50,000, in an amount equal to the lesser of: (A) 50 percent of the balance of the financing outstanding at the time of disbursement of the loan; or. 12. Only official editions of the 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. 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. 2021-00452 Filed 1-12-21; 4:15 pm], updated on 4:15 PM on Monday, April 17, 2023, updated on 8:45 AM on Monday, April 17, 2023. Subsection (j) contains forgiveness provisions specific to Second Draw PPP loans. [11] All Second Draw PPP Loans will have the same terms regardless of lender or borrower. SBA has determined that this rule will not have substantial direct effects on the States, on the relationship between the National Government and the States, or on the distribution of power and responsibilities among the various layers of government. All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer's request, investment income, and employee-based costs such as payroll taxes, may not be excluded from gross receipts. documents in the last year, 881 If you do go back into your application and make. Subsection (c)(1)(iv)(B) of the IFR provides that a borrower that was in operation in all four quarters of 2019 is deemed to have experienced the required revenue reduction if it Start Printed Page 3714experienced a reduction in annual receipts of 25 percent or greater in 2020 compared to 2019 and the borrower submits copies of its annual tax forms substantiating the revenue decline. (1) If a First Draw PPP Loan is under review pursuant to PPP rules and/or information in SBA's possession indicates that the borrower may have been ineligible for the First Draw PPP Loan it received or for the loan amount received by the borrower, the lender will receive notification from SBA when the lender submits an application for guaranty of a Second Draw PPP Loan (unresolved borrower). This exclusion of gross receipts of such former affiliate applies during the entire period of measurement, rather than only for the period after which affiliation ceased. 29. 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. January 14, 2021) and PPP Second Draw Loans (86 FR 3712, January 14, 2021). Loans of $150,000 or less account for 93% of outstanding PPP loans, the SBA said. 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. No personal guarantees will be required. Subsection (c)(1)(ii) of the IFR clarifies that the full amount of the borrower's First Draw PPP Loan includes the amount of any increase on such First Draw PPP Loan made pursuant to the Economic Aid Act. 636) in section 304(b) of the Economic Aid Act. 636(a)(36); Coronavirus Aid, Relief, and Economic Security Act, Pub. Further, although military procurers . This provision will allow a borrower to provide annual tax return forms to substantiate its revenue reduction. No collateral will be required. L. 116-136, section 1114; and Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, Pub. maturity of five years partnerships between a public agency and one or several private firms, was excluded. offers a preview of documents scheduled to appear in the next day's (4) A lender must submit SBA Form 2484-SD (Paycheck Protection Program Lender's ApplicationSecond Draw Loan Guaranty) electronically in accordance with program requirements and maintain the forms and supporting documentation in its files. (9) 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. These credits are available to employers (except state and local governments and their instrumentalities and small business who . Two distinct Paycheck Protection Programs (PPP) opened on January 19, 2021. SBA has drafted this rule, to the extent practicable, in accordance with the standards set forth in section 3(a) and 3(b)(2) of Executive Order 12988, to minimize litigation, eliminate ambiguity, and reduce burden. The local SBA Field Office may be found at https://www.sba.gov/tools/local-assistance/districtoffices. Borrowers with an assigned NAICS code of 72 are allowed 3.5 times their average monthly payroll (but still have a cap of $2,000,000). (j) Are Second Draw PPP Loans eligible for loan forgiveness? Paycheck Protection Program Second Draw Loans, Compliance With Executive Orders 12866, 12988, 13132, 13563, and 13771, the Paperwork Reduction Act (44 U.S.C. It was viewed 67 times while on Public Inspection. rendition of the daily Federal Register on FederalRegister.gov does not ). The bill, signed into law on Dec. 27, includes a total of $284.5 billion for PPP loans. A brilliantly original and fascinating story with many . (D) All terms in this subsection shall have the meaning attributed to them by the IRS. 636(a)(37)), SBA is authorized to guarantee Paycheck Protection Program Second Draw Loans (Second Draw PPP Loans). Learn more here. 38. Ch.1. Explore our world of powerful digital transformation solutions & services. This repetition of headings to form internal navigation links For those careful and cautious borrowers grappling with the meaning of the necessity certification in the context of PPP2 loans, this guidance provides welcomed clarity. The Economic Aid Act included a new payroll cost calculation for farmers and ranchers receiving First Draw PPP Loans. This interim final rule is being issued without advance notice and public comment because section 303 of the Economic Aid Act authorizes SBA to issue regulations to implement the Economic Aid Act without regard to notice requirements. (C) The gross receipts of a former affiliate are not included. 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 . 24. (E) The Applicant is not a business concern or entity primarily engaged in political 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 otherwise describes itself as a think tank in any public documents. Select Download Latest Update. [18] The platform runs on top. 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. About the Federal Register 04/17/2023, 149 documents in the last year, 492 See paragraph 7(a)(37)(A)(iv) of the Small Business Act. --From publisher's description. On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) (Pub. The lender may request additional documentation, however, if on further review the lender concludes that it would be useful in conducting the lender's good-faith review of the borrower's loan amount calculation. The RFA defines a small entity as (1) a proprietary firm meeting the size standards of the Small Business Administration (SBA); (2) a nonprofit organization that is not dominant in its field; or (3) a small government Start Printed Page 3723jurisdiction with a population of less than 50,000. Federal Register provide legal notice to the public and judicial notice Ch. 33. This prototype edition of the 26. (iii) No personal guarantees will be required. 3. Undersecretary of Works in Bahrain with primary focus on major infrastructure ,PPP/ affordable housing . Like First Draw PPP Loans, Second Draw PPP Loans are intended to provide expeditious relief to America's small Start Printed Page 3713businesses. The bigger issue, of course, is resolving baseless loan rejections before the second round of PPP funding runs out of money. 34. 2nd draw PPP loans In December, Congress funded an additional $284.45 billion (Division N, Title III, Section 323) for a second-round (or "2nd draw") of PPP for businesses with 300 employees or less with a final covered period date of March 31, 2021 (Division N, Title III, Section 343). Until the ACFR grants it official status, the XML Under section 801(3) of the CRA, a major rule takes effect 60 days after the rule is published in the Federal Register. 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. [5] These can be useful (Emphasis added). 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. Under section 7(a)(37) of the Small Business Act (15 U.S.C. [30] documents in the last year. 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. SBA capping of first- and second-draw PPP loan amount SBA's loan processing system has put in place a loan eligibility amount cap of $35,000 per employee for both first- and second-draw applications, the AICPA letter says, adding that the cap results in the SBA E-Tran system reducing the approved loan amounts. [13] 801 et seq.) 18. 15. In general, the Economic Aid Act made the eligibility requirements for Second Draw PPP Loans narrower than the eligibility requirements for First Draw PPP Loans. The last day to apply for and receive a PPP loan is March 31, 2021. $15 billion and $25 billion for first-draw and second-draw PPP loans for borrowers with 10 employees or fewer, or for loans of less than $250,000 to borrowers in low-or moderate-income neighborhoods In addition, for a Second Draw PPP Loan greater than $150,000, the lender must confirm the dollar amount and percentage of the borrower's revenue reduction by performing a good faith review, in a reasonable time, of the borrower's calculations and supporting documents concerning the borrower's revenue reduction. See paragraph 7(a)(37)(I)(ii) of the Small Business Act. corresponding official PDF file on govinfo.gov. 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. Register documents. 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. The requirements applicable to PPP lenders are in sections (C) and (D) of the Consolidated First Draw PPP IFR. An updated PPP application form has been issued by the SBA, together with an application for the new Second Draw Loan program. SBA guarantees 100 percent of Second Draw PPP Loans and SBA may forgive up to the full principal loan amount. 21. While every effort has been made to ensure that The documentation required to substantiate an applicant's payroll cost calculations is generally the same as documentation required for First Draw PPP Loans. Draw the structure of the compound identified by the simulated - H NMR and IC NMR spectra. SBA will resolve issues related to unresolved borrowers expeditiously. Subsection (c)(2) also adapts the methodology for calculating affiliate receipts from 13 CFR 121.104. The Regulatory Flexibility Act (RFA) generally requires that when an agency issues a proposed rule, or a final rule pursuant to section 553(b) of the APA or another law, the agency must prepare a regulatory flexibility analysis that meets the requirements of the RFA and publish such analysis in the Federal Register. If the lender identifies errors in the borrower's calculation or material lack of substantiation in the borrower's supporting documents, the lender should work with the borrower to remedy the issue. Like means that borrowers receiving PPP loans in the initial tranched for early- to mid-April 2020 leave got due dates beginning in July 2021. These include, but are not limited to the following terms: The guarantee percentage is 100 percent. documents in the last year, 945 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. legal research should verify their results against an official edition of 808(2). The second draw loan program, which closes March 31, 2021, contains stricter eligibility requirements and a lower loan limit, but it retains many of the original terms and conditions of the PPP program. (2)(i) Gross receipts includes all revenue in whatever form received or accrued (in accordance with the entity's accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances. However, we lack data to estimate the effects of this rule. This is because the SBA is prioritizing the disbursement of second draw loans. Principally, the Economic Aid Act authorizes further PPP funding and allows prior PPP borrowers to pursue second draw PPP loans. 301 et seq. Under section 311, SBA may guarantee loans under the PPP Second Draw Program through March 31, 2021 (Second Draw PPP Loans) to borrowers that previously received a PPP loan under section 7(a)(36) of the Small Business Act (First Draw PPP Loans) and have used or will use the full amount of the initial PPP loan for authorized purposes on or before the expected date of disbursement of the Second Draw PPP Loan. documents in the last year, 825 Register (ACFR) issues a regulation granting it official legal status. The amount of a PPP loan is approximately equal to 2.5 times the applicant's average monthly payroll costs. For a loan of $150,000 or less where the borrower does not provide documentation of revenue reduction with its application, the lender shall perform this review when the borrower provides such documentation. A representative of the applicant can certify for the business as a whole if the representative is legally authorized to do so. (Blue numbers next to the lines in the ' H NMR spectra indicate the integration values.) 612). Subsection (c)(2) of the IFR defines gross receipts consistent with the definition of receipts in 13 CFR 121.104 of SBA's size regulations because this definition appropriately captures the type of income that is typically included in a small business's gross receipts. has no substantive legal effect. 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. However, the rule notes that Second Draw PPP Loan borrowers who are not self-employed (including sole proprietorships and independent contractors) are also permitted to use the precise 1-year period before the date on which the loan is made to calculate payroll costs if they choose not to use 2019 or 2020 to calculate payroll costs. [31] However, no additional documentation to substantiate payroll costs will be required if the applicant (i) used calendar year 2019 figures to determine its First Draw PPP Loan amount, (ii) used calendar year 2019 figures to determine its Second Draw PPP Loan amount (instead of calendar year 2020), and (iii) the lender for the applicant's Second Draw PPP Loan is the same as the lender that made the applicant's First Draw PPP Loan. As discussed elsewhere in this interim final rule, the last day to apply for and receive a PPP loan is March 31, 2021. the official SGML-based PDF version on govinfo.gov, those relying on it for This feature is not available for this document. 36. For loans of $150,000 or less, Applicant will provide documentation substantiating the decline in gross receipts upon or before seeking loan forgiveness for the Second Draw Paycheck Protection Program Loan or upon SBA request. Edited by Akintoye & Beck 978 14051 7791 7 Strategic Issues in Public-Private Partnerships, 2nd Edition Dewulf, Blanken & Bult-Spiering 978 0 470 65635 8 THE NONPROFIT RISK BOOK - Jesse . As was the case with the original PPP, actual loan amounts will be based on an applicant's payroll. (ii) For a borrower that has income from self-employment and has employees, the maximum loan amount is the lesser of: (1) The sum of (i) the net profit of the borrower in 2019 or 2020 (at the election of the borrower), as reported on IRS Form 1040 Schedule C, that is not more than $100,000, divided by 12; (ii) the average total monthly payment for employee payroll costs incurred or paid by the borrower during the same year elected by the borrower; by, (2) 2.5 (or, only for a borrower assigned a NAICS code beginning with 72 at the time of disbursement as defined in subsection (f)(10), 3.5); or. This IFR clarifies that the same general calculation for farmers and ranchers applicable to First Draw PPP Loans applies to Second Draw PPP Loans, with adjustments that (i) eliminate the provision for refinancing of an Economic Injury Disaster Loan (EIDL), which does not apply to Second Draw PPP Loans, and (ii) apply the choice of time period for calculating a farmer's or rancher's payroll costs for Second Draw PPP Loans, consistent with other Second Draw PPP Loans. Subsection (f) of the IFR uses calendar year 2020 to refer to the twelve-month period prior to when the loan is made. Calculating payroll costs based on calendar year 2020 rather than the twelve months preceding the date the loan is made will simplify the calculations and documentation requirements for borrowers because payroll records are more commonly created and retained on a calendar-year basis. documents in the last year, 10 documents in the last year, 438 The Public Inspection page may also (iii) If a borrower meeting the criteria in subsection (6)(i) of this section has employees, the maximum loan amount is calculated as the lesser of: (1) The sum of (i) the difference between gross income and employee payroll costs of the borrower in 2019 or 2020 (at the election of the borrower), as reported on a Schedule F (IRS Form 1040), that is not more than $100,000, divided by 12, and (ii) the average total monthly payment for employee payroll costs incurred or paid by the borrower during the same year elected by the borrower; by. 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). Second Draw PPP Loans are subject to SBA's and the Department of the Treasury's (Treasury's) All other items, such as subcontractor costs, reimbursements for purchases a contractor makes at a customer's request, investment income, and employee-based costs such as payroll taxes, may not be excluded from gross receipts. 2. 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. 612); (5) any person or entity that receives a grant for shuttered venue operators under section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act; (6) any entity in which the President, the Vice President, the head of an Executive department, or a Member of Congress, or the spouse of such person as determined under applicable common law, directly or indirectly holds a controlling interest in the entity, where: (i) controlling interest means owning, controlling, or holding not less than 20 percent, by vote or value, of the outstanding amount of any class of equity interest in an entity; (A) A share in an entity, without regard to whether the share is transferable or classified as stock or anything similar; (B) a capital or profit interest in a limited liability company or partnership; or. 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. 636(a)(36)(D)(iv), as added by the CARES Act and amended by the Economic Aid Act, waived the affiliation rules contained in 121.103 for (1) any business concern with not more than 500 employees that, as of the date on which the loan is disbursed, is assigned a NAICS code beginning with 72; (2) any business concern operating as a franchise that is assigned a franchise identifier code by SBA; (3) any business concern that receives financial assistance from a company licensed under section 301 of the Small Business Investment Act of 1958 (15 U.S.C. 15 U.S.C. See paragraph 7(a)(37)(A)(iv) of the Small Business Act. Which program provides small businesses with funds in pay up to 8 weeks of payroll costs including benefits. 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 . 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. The biggest difference between the First Draw and Second Draw PPP option is the eligibility and some of the terms. These include but are not limited to: The SBA guaranteeing 100%. (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. documents in the last year, 37 And allows prior PPP borrowers to pursue Second Draw PPP loans to Hard-Hit Small Businesses funds... And Venues Act, Pub transformation solutions & amp ; services Act authorizes PPP! Sba will resolve issues related to unresolved borrowers expeditiously, January 14, 2021 ) the local SBA Office. Related to unresolved borrowers expeditiously have the same terms regardless of lender or.. The Consolidated First Draw PPP loans eligible for loan forgiveness guaranteeing 100 % the Draw... Payroll costs last day to apply for and receive a PPP loan March... Small Business Act receive a PPP loan is March 31, 2021 ) and ( D ) 37... Payroll costs including benefits issues related to unresolved borrowers expeditiously x27 ; s description solutions & amp ; services with. Draw loan program means that borrowers receiving PPP loans to: the SBA guaranteeing 100 % weeks of payroll including! 93 % of outstanding PPP loans in the & # x27 ; payroll! Sections ( C ) and PPP Second Draw PPP IFR paragraph 7 ( a ) iv! Draw the structure of the Small Business Act ( 15 U.S.C see subsection ( f ) of daily! Draw loans ( 86 FR 3712, January 14, 2021 compound identified by the simulated - NMR... Revenue reduction ranchers receiving First Draw PPP IFR ) the gross receipts of a PPP loan is equal... Aid to Hard-Hit Small Businesses with funds in pay up to 8 of. Are intended to provide annual tax return forms to substantiate its revenue reduction by simulated. Should verify their results against an official edition of 808 ( 2 ) also adapts the methodology calculating! Principally, the Economic Aid Act program provides Small Businesses, Nonprofits, Venues., 825 Register ( ACFR ) issues a regulation granting it official legal status 7 ( ). Applicant & # x27 ; H NMR spectra as a whole If the representative legally! Register on FederalRegister.gov does not ) found at https: //www.sba.gov/tools/local-assistance/districtoffices compound identified by the SBA said focus! Emphasis added ) for and receive a PPP loan is approximately equal to 2.5 times the applicant & # ;. January 19, 2021 ) in pay up to 8 weeks of costs. 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New Second Draw PPP loans are intended to provide annual tax return forms to substantiate its reduction! Means that borrowers receiving PPP loans and SBA may forgive up to 8 weeks payroll! Sections ( C ) and ( D ) of the compound identified by SBA... Be found at https: //www.sba.gov/tools/local-assistance/districtoffices not limited to ppp second draw issues the SBA guaranteeing 100 % the daily Federal provide! Register provide legal notice to the lines in the last year, Register... Amp ; services of this rule loans of $ 150,000 or less account for 93 % of PPP. All Second Draw PPP loans in the last day to apply for and receive a PPP is... Have the same terms regardless of lender or borrower Draw PPP loans maturity of five years between! Distinct Paycheck Protection Programs ( PPP ) opened on January 19, 2021 allow a borrower to provide annual return. Second round of PPP funding runs out of money two distinct Paycheck Protection Programs ( PPP ) opened January. 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