ARTICLE

Paycheck Protection Program

by: Smith and Howard

March 27, 2020

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This article has been updated. See footnote (1)

备受期待的关怀法案在周五由总统签署成为法律, March 27, 2020 is the Paycheck Protection Program (PPP). PPP的目的是为雇主提供短期贷款工具,帮助他们留住员工, 因此,通过政府通过现有机制提供资金,国家可以避免广泛的长期失业. 如果从PPP获得的贷款用于符合条件的期间的费用, the loan will be forgiven.

In our conversations with colleagues at lending institutions, 我们知道这是在早期的过程中,他们试图弄清楚如何有效和准确地管理程序. 这份摘要反映了我们目前对PPP项目的意图和事实的理解,并不是要包涵一切. 完整的课程描述长达70页,需要更多的时间和讨论来整理所有的细节. We will update this information as needed.

请注意,PPP不是小企业管理局灾难贷款项目的一部分,也与之无关.

Paycheck Protection Program

The SBA will oversee the PPP program, 谁会将3500亿美元分配给员工人数不超过500人的小企业和非营利组织, 如果借款人符合某些要求,可获得全额或部分减免. Loans will be administered by 800 existing SBA-certified lenders, including banks, credit unions, 和其他金融机构的利率将低于4%.

贷款可能是合格工资成本的2.5倍,上限为1,000万美元. For details on who qualifies and more, keep reading.

  • 政府将在2020年12月31日前100%参与贷款金额的担保.
  • Covered period for loans is February 15, 2020 until June 30, 2020
  • No guarantee by borrower
  • No collateral needed
  • No fee to the borrower
  • 任何未获宽免的贷款款项,须在由申请宽免贷款日期起计的十年内偿还
  • Interest payments are completely deferred for one year
  • Interest rates will be less than 4%

Who Qualifies?

PPP covers a wide list of businesses including for-profit, 私人非营利组织和公共非营利组织的规模从单个企业家到500名员工.

  • For-profit businesses, including self-employed
  • Private nonprofit
  • Public nonprofit
  • Greater of
    • 500 employees or fewer including full-time, part-time or other basis
    • 员工数量不超过该行业公司的标准规模
  • For restaurant and hospitality industry:
    • 500 or fewer employees per location and
    • 分配了一个以72号开头的NAICS代码-住宿和食品大发dafa888娱乐场,i.e.,
      • Restaurants and other eating facilities
      • Drinking places
      • Special food services
      • Traveler accommodations (hotels, motels, etc.)
    • Borrower must make a good faith certification as follows:
      • 由于COVID-19造成当前经济状况的不确定性,有必要申请贷款以支持正在进行的业务.
      • 必须承认资金只用于允许的用途.
      • 必须确认他们没有从另一个小企业管理局的项目中获得相同用途的资金.

Covered Expenses

Businesses may use the loans for the following expenses:

  • Payroll costs defined as follows:
    • Employee salaries, commissions and tips. These amounts may not exceed $100,000 on an annual basis per employee. (1)
    • Paid sick leave
    • Medical leave
    • Family leave
    • Continued group health care benefits including premiums
    • Retirement payments
    • Vacation pay
    • Dismissal and separation pay
  • Interest payment on any mortgage incurred before 2/15/2020
  • Rent on any lease in force before 2/15/2020*
  • Utilities for which service began before 2/15/2020
  • Interest on other debt obligations that were incurred before 2/15/2020

*在2020年2月15日后重新谈判或修改现有租约,须谨慎行事. 目前还不确定这些修改后的租赁是否仍有资格成为覆盖费用.

How Much Can You Qualify For?

  • 公式基于平均每月总支付工资成本(1)在贷款日期之前的1年期间乘以2.5.
  • Maximum loan is $10,000,000
  • Special rules apply to seasonal employers

 Loan Terms

We expect many of our clients will take advantage of these loans. 重要的是要了解,大多数企业将把这些作为短期贷款(超过8周),然后申请贷款减免. To the extent not all of a loan is forgiven, the remaining balance can be amortized over a 10-year period.

Loan Forgiveness

The borrower is eligible for loan forgiveness 等于借款人在8周期间(2月15日之间)所支付的费用, 2020 and June 30, 2020).

There are two separate limitations concerning the amounts forgiven:

  1. 根据具体的衡量标准,在危机后保留和/或重新雇用的劳动力百分比. The portion not retained or rehired would not be forgiven.
  2. 那么员工的薪酬就会比危机前的水平降低25%以上, that reduction would reduce the amount that can be forgiven.

借款人将通过文件向贷款人核实他们在此期间的付款情况. 收到所需文件的放款人将不受行政官的强制行动或处罚,以免除合格用途的贷款.

Amounts forgiven may not exceed the principal amount of the loan. 豁免的款额被视为债务豁免,但根据条例草案的特别例外情况,无须课税

Recordkeeping for loan forgiveness

借款人将需要对所有影响获得贷款减免能力的因素进行详细的会计核算和记录. 雇主不需要跟踪贷款的覆盖费用,但需要有详细的文件. Documentation required as part of application for loan forgiveness:

  • Payroll tax filings reported to the IRS
  • State income, payroll, and unemployment insurance filings
  • 抵押贷款利息、租金和水电费的支付证明文件

贷款人必须在收到宽免申请后60天内作出宽免决定.

该项目和其他为应对COVID-19大流行造成的经济形势而提供的项目将在对受援者的要求和受益方面有所不同. 我们鼓励您在采取任何行动之前,与您的专业顾问讨论细节和方法. 史密斯和霍华德随时准备帮助我们的大发dafa888娱乐场前进. 请dafa娱乐登录免费下您的史密斯和霍华德的专业人士了解更多信息. We will provide updates as details emerge.

(1)注:如何对待收入超过100美元的员工的薪酬是不明确的,000 for purposes of “payroll costs” and loan funding amounts, as to whether employers are required to exclude 100% of the salary or exclude the amount of salary above $100,000. 我们正在等待澄清,并将更新这篇文章一旦收到.

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