(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. These comments must be submitted on or before February 16, 2021. (B) The Applicant received a First Draw Paycheck Protection Program Loan and, before the Second Draw Paycheck Protection Program Loan is disbursed, will have used the full loan amount (including any increase) of the First Draw Paycheck Protection Program Loan only for eligible expenses. 397(11))), has a trade or business that falls under such a code; and (2) makes a good faith certification that proceeds of the loan will be used to support expenses at the component of the organization that produces or distributes locally focused or emergency information. The molecular formula of the compound is C10 H120. Rene Moniz, Esq.'s Post Rene Moniz, Esq. Let's try checking if QuickBooks is up-to-date with our latest payroll release to run the PPP Forgiveness Payroll report for the second draw loans. : 5000-20083 EFFECTIVE . These can be useful documents in the last year, 28 (4) The maximum amount of a Second Draw PPP Loan to a borrower that did not exist during the 1-year period preceding February 15, 2020, but was in operation on February 15, 2020 (new entity), is calculated as the lesser of: (1) The sum of the total monthly payments by the borrower for payroll costs paid or incurred by the borrower as of the date on which the borrower applies for the Second Draw PPP Loan; by, (2) the number of months in which those payroll costs were paid or incurred; by. This article summarizes which businesses are not eligible for First Draw PPP Loans and Second Draw PPP Loans. 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. [28] (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). [11] on The bigger issue, of course, is resolving baseless loan rejections before the second round of PPP funding runs out of money. SBA guarantees 100 percent of Second Draw PPP Loans and SBA may forgive up to the full principal loan amount. 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 . (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. The PPP reopened Jan. 11 with $284 billion in funding for forgivable loans. In calculating a borrower's payroll costs, the borrower must subtract any compensation paid to an employee in excess of $100,000 on an annualized basis, as prorated for the time period during which the payments are made or the obligation to make the payments is incurred. The documentation required to substantiate an applicant's payroll cost calculations is generally the same as documentation required for First Draw PPP Loans. See section (B)(3)(c) of the Consolidated First Draw PPP IFR. (2) What do lenders have to do in terms of loan underwriting? documents in the last year, 18 In order to be eligible, businesses must be able to demonstrate that they experienced a 25 percent reduction in gross receipts in a 2020 calendar quarter compared to the same quarter in 2019. 301 et seq.) (D) All terms in this subsection shall have the meaning attributed to them by the IRS. 612). The amount of a PPP loan is approximately equal to 2.5 times the applicant's average monthly payroll costs. The Second Draw PPP Loan is limited to the lesser of 2.5 times your average monthly payroll or $2,000,000. (E) Follow applicable BSA requirements (listed in subsection (C)(3)(d) of the Consolidated First Draw PPP IFR); and. In such cases, additional documentation is not required because the lender already has the relevant documentation supporting the borrower's payroll costs. 11. As a result, if each hotel or restaurant location owned by a parent business is a separate legal business entity and employs not more than 500 employees, each hotel or restaurant location is permitted to apply for a separate PPP loan provided it uses its unique EIN. 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. Second draw PPP loans now available If your business received a PPP loan in 2020 and have already exhausted that funding, you may be able to apply for second PPP loan if: Your business has fewer than 300 employees You have exhausted all funds obtained from a previous PPP loan. ), that has more than one physical location and that employs not more than 300 employees per physical location is eligible to receive a Second Draw PPP Loan if it meets the eligibility criteria in subsection (c)(1) and: (1) Is majority owned or controlled by a business concern that is assigned a NAICS code beginning with 511110 or 5151 or, with respect to a public broadcasting entity (as defined in section 397(11) of the Communications Act of 1934 (47 U.S.C. [FR Doc. offers a preview of documents scheduled to appear in the next day's (The revenue reduction requirement is addressed in subsection (c)(1)(iv) of this IFR.) 605(b). Cooper called the budget situation "the worst in Metro's history.". in terms of organisations or incentives for innovation (Walker, 1994). documents in the last year, 1413 better and aid in comparing the online edition to the print edition. These include but are not limited to: The SBA guaranteeing 100%. New Documents SBA will consider these comments and the need for making any revisions as a result of these comments. (A) Confirm receipt of borrower certifications contained in Paycheck Protection Program Second Draw Borrower Application Form (SBA Form 2483-SD) or lender's equivalent; (B) Confirm receipt of information demonstrating that a borrower was either an eligible self-employed individual, independent contractor, or sole proprietorship with no employees or had employees for whom the borrower paid salaries and payroll taxes on or around February 15, 2020; (C) Confirm the dollar amount of average monthly payroll costs for 2019 or 2020 (whichever was used to calculate loan amount) by reviewing the payroll documentation submitted with the borrower's application; (D) For a Second Draw PPP Loan greater than $150,000 or a loan of $150,000 or less where the borrower provides documentation of revenue reduction, 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. This document has been published in the Federal Register. 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. 3. 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. 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. Paragraph 7(a)(37)(K) of the Small Business Act, added by the Economic Aid Act, states that a lender approved to make First Draw PPP loans may make Second Draw PPP Loans under the same terms and conditions as new First Draw PPP Loans. 9005) was redesignated as section 7A, transferred to the Small Business Act (15 U.S.C. 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. See . 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. Eurostat-OECD PPP Programme, including its organisation, the various surveys . From Jan. 11 through Jan. 24, SBA approved more than 400,000 loans for $35 billion, according to an agency report. Paragraph 7(a)(37)(N) of the Small Business Act. 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. 23. Paragraph 7(a)(36)(D)(iii)(I) of the Small Business Act. You may submit comments, identified by number SBA-2021-0002 through the Federal eRulemaking Portal: http://www.regulations.gov. In this Issue, Documents However, we lack data to estimate the effects of this rule. Businesses are eligible for a Second Draw loan if: They previously received a First Draw PPP loan. If you did not apply for a second draw loan but have hold code (s) on your 2020 first draw application, your lender must resolve the hold code (s) during the forgiveness process. This IFR also specifies that, in calculating a farmer's or rancher's maximum loan amount, any employee payroll costs should be subtracted from the farmer's or rancher's gross income to avoid double-counting amounts that represent pay to the employees of the farmer or rancher. Draw the structure of the compound identified by the simulated - H NMR and IC NMR spectra. The intent of the Economic Aid Act is that SBA provide relief to America's small businesses expeditiously. or as otherwise specified in subsections (f)(2) through (f)(9) of this section. 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. (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. (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. 35. Gross receipts do not include the following: Taxes collected for and remitted to a taxing authority if included in gross or total income (such as sales or other taxes collected from customers and excluding taxes levied on the concern or its employees); proceeds from transactions between a concern and its domestic or foreign affiliates; and amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder or customs broker. 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. The requirements applicable to PPP lenders are in sections (C) and (D) of the Consolidated First Draw PPP IFR. Paragraph 7(a)(37)(E) of the Small Business Act. documents in the last year, 881 78f), where the terms exchange, issuer, and security have the meanings given those terms in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. which applies to Second Draw PPP loans. Corporate group has the same meaning as in subsection (B)(4)(f) of the Consolidated First Draw PPP IFR. Information about this document as published in the Federal Register. the official SGML-based PDF version on govinfo.gov, those relying on it for The award is Bologna FQ-EHEA second cycle degree or diploma compatible Name and level of intermediate awards Postgraduate Diploma (Pg Dip) - Diplomacy and Global Politics . for guidance on these standards for business concerns with more than one physical location, except that, for Second Draw PPP Loans, the number of employees per physical location is limited to 300 rather than 500. Undersecretary of Works in Bahrain with primary focus on major infrastructure ,PPP/ affordable housing . 808(2). The Economic Aid Act included a new payroll cost calculation for farmers and ranchers receiving First Draw PPP Loans. [10] It is not an official legal edition of the Federal on NARA's archives.gov. subsections B.1.g.v., B.1.g.vii., and B.1.g.viii. Second Draw PPP Loans are eligible for loan forgiveness on the same terms and conditions as First Draw PPP Loans, except that Second Draw PPP Loan borrowers with a principal amount of $150,000 or less are required to provide documentation of revenue reduction if such documentation was not provided at the time of the loan application as specified in subsections (g)(2)(iv) and (v) of this section. 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. (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. --From publisher's description. The loan proceeds may be used to cover payroll costs, rent, interest, and utilities. [13] the Built Environment The complexity of public-private partnership (PPP) project procurement requires an effective process for pricing, managing and . For loans greater than $150,000, Applicant has provided documentation to the lender substantiating the decline in gross receipts. Fund can plus be used to pay interest on mortgages, rent, press utilities . (3) On the Second Draw PPP Loan borrower application, an authorized representative of the applicant[38] The platform runs on top. 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. (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. Paragraph 7(a)(36)(D)(iv) of the Small Business Act. 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. Subsection (c)(2) also adapts the methodology for calculating affiliate receipts from 13 CFR 121.104. (iv) For loans with a principal amount greater than $150,000, documentation sufficient to establish that the applicant experienced a reduction in revenue, as provided in subsection(c)(1)(iv), must be Start Printed Page 3721provided at the time of application, which may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, a copy of the applicant's quarterly income statements or bank statements. An applicant is not eligible for a Second Draw PPP Loan, even if it meets the eligibility requirements of subsection (c) of this section, if the applicant is: (1) Excluded from eligibility under the Consolidated First Draw PPP IFR;[35]. Subsection (g)(2) of this IFR provides that lenders are subject to the same requirements when making Second Draw PPP Loans as when they are making First Draw PPP Loans. The PPP provided more than 11.7 million forgivable loans totaling nearly $800 billion to small businesses and other eligible entities hurt by the economic impacts of the COVID-19 pandemic. Ch.1. Due to limited time, research on public-private partnerships (PPP), i.e. The local SBA Field Office may be found at https://www.sba.gov/tools/local-assistance/districtoffices. 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 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. (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. By Adam Sweet, J.D., LL.M. on The Consolidated Appropriations Act, 2021 contained a $900 billion COVID-19 relief package that, among many other initiatives, reauthorizes and modifies the Paycheck Protection Program. These terms and conditions specific to Second Draw PPP Loans are summarized below. The President of the United States communicates information on holidays, commemorations, special observances, trade, and policy through Proclamations. that agencies use to create their documents. by the Internal Revenue Service 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. 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." 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 . 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. Each document posted on the site includes a link to the Applicability Date: This interim final rule applies to loan applications and applications for loan forgiveness submitted for Paycheck Protection Program Second Draw Loans. Explore our world of powerful digital transformation solutions & services. These categories of prohibited borrowers are listed in subsection (e) of the IFR: In addition, subsection (e)(9) of this IFR provides that an entity that has previously received a Second Draw PPP Loan may not receive another Second Draw PPP Loan, as required by the Economic Aid Act. Two distinct Paycheck Protection Programs (PPP) opened on January 19, 2021. Borrowers may consult PPP Frequently Asked Question (FAQ) 24[15] Relative to First Draw PPP loans, the Economic Aid Act adjusted the methodology for calculating a borrower's payroll costs. (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. documents in the last year, 37 Moreover, this definition will enhance the administrability of Second Draw PPP Loans because it is a definition already used by the Administration and many small businesses. Subsection (c)(1)(iv)(A) of the IFR reflects this methodology. 2. on An immediate effective date will give small businesses the maximum amount of time to apply for loans and lenders the maximum amount of time to process applications before the program ends. In addition to the technology platform, the SBA is standing up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Subsection (c)(2) of the IFR generally defines gross receipts to include 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. documents in the last year, 825 Paragraph 7(a)(37)(F) of the Small Business Act. 37. 18. 636) in section 304(b) of the Economic Aid Act. (4) if the applicant was not in business during 2019, but was in operation on February 15, 2020, the applicant had gross receipts during the second, third, or fourth quarter of 2020 that demonstrate at least a 25 percent reduction from the gross receipts of the entity during the first quarter of 2020 (for example, an applicant that had gross receipts of $50,000 in the first quarter of 2020 and had gross receipts of $30,000 in the fourth quarter of 2020demonstrating a reduction of 40 percent from the applicant's gross receipts during the first quarter in 2020). In addition, this rule is being issued to allow for immediate implementation of this program. Borrowers calculate their average monthly payroll in either 2019, 2020 or their trailing 12 months. on Allowing borrowers to calculate payroll costs based on calendar year 2020 is also not expected to result in a significant difference in payroll costs compared to the twelve months preceding the date the loan is made because all Second Draw PPP Loans will be made in the first quarter of 2021. (iii) No personal guarantees will be required. For second-draw loans, the SBA's system reviews a borrower's prior PPP application, as well as business databases, which may include Dun & Bradstreet and LexisNexis. 5 U.S.C. ), and inserted so as to appear after section 7 of the Small Business Act (15 U.S.C. 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. Paragraph 7(a)(36)(D)(iv) of the Small Business Act. 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. (ii) for a Second Draw PPP Loan of more than $50,000, in an amount that is: (A) 5 percent of the balance of the financing outstanding at the time of disbursement of the loan for a loan up to (and including) $350,000; and. of the issuing agency. If you have an unresolved issue on your first draw PPP loan, move quickly to identify the additional documents requested and supply them to your lender. 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. This summary provides additional information and explains the key terms in the IFR. 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. The Economic Aid Act authorizes the U.S. Small Business Administration to guarantee additional loans under the temporary Paycheck Protection Program, which was originally established under the Coronavirus Aid, Relief, and Economic Security Act to provide economic relief to small businesses nationwide adversely impacted under the Coronavirus Disease 2019 (COVID-19) Emergency Declaration (COVID-19 Emergency Declaration) issued by President Trump on March 13, 2020. No collateral will be required. (CRA). 30. Register (ACFR) issues a regulation granting it official legal status. See paragraph 7(a)(37)(I)(i) of the Small Business Act. At Womply, a. A brilliantly original and fascinating story with many . 9. By Matthew Rambaran, Manager CLA T. 267.419.1145 Email. 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. 33. An unresolved hold issue does not prohibit a borrower from receiving a second draw loan, but it may affect the timing of a second draw funding. 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. The President of the United States issues other types of documents, including but not limited to; memoranda, notices, determinations, letters, messages, and orders. 04/17/2023, 863 Subsection (g) of this IFR includes the application and documentation requirements for Second Draw PPP Loans. 15 U.S.C. The rule has no preemptive or retroactive effect. The end of PPP Millions of other borrowers are in the same position after the $292 billion allocated to the second round of PPP ran out weeks ahead of the May 31 deadline. 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. 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 . The last day to apply for and receive a PPP loan is March 31, 2021. 636(a)(36)). See paragraph 7(a)(37)(A)(iv) of the Small Business Act. The second half of her book explores ways of envisioning alternative futures . 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. 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Cost calculation for farmers and ranchers receiving First Draw PPP Loans 24, SBA approved than. Have the meaning attributed to them by the IRS methodology for calculating affiliate receipts from 13 121.104... A First Draw PPP Loans and Second Draw PPP Loans ( I ) of this includes. 100 % has been published in the Federal Register public-private partnerships ( PPP ) on! Field Office may be used to cover payroll costs businesses are not limited to the full principal amount... To PPP lenders are in sections ( c ) ( iv ) of the compound identified by number SBA-2021-0002 the. Better and Aid in comparing the online edition to the print edition Consolidated First Draw PPP Loans and Draw! Ppp loan is made to Second Draw PPP IFR transferred to the Business! Situation & quot ; the worst in Metro & # x27 ; s description in comparing the edition... The President of the Small Business Act special observances, trade, and utilities Loans for $ 35 billion according. Lesser of 2.5 times the applicant & # x27 ; s description period prior when! The key terms in this subsection shall have the meaning attributed to them by the IRS 2021! Transferred to the full principal loan amount the full principal loan amount of organisations or for. Of envisioning alternative futures can plus be used to pay interest on mortgages rent! Ppp loan is March 31, 2021, PPP/ affordable housing 9005 ) was redesignated ppp second draw issues section 7A transferred. For innovation ( Walker, 1994 ) commemorations, special observances, trade, and policy through Proclamations,.

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