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The SBA said it is eliminating the loan necessity safe harbor for these borrowers because they may be more likely to have other available sources of liquidity to support their businesss operations than Schedule C filers with lower levels of gross income. To apply for a Paycheck Protection Program Loan through Bank of America at this time, you must have an existing Small Business relationship with one of the following: Review the PPP Document Reference Sheet for information on supporting payroll and/or tax information requirements. Since you do not have employees or owners salary, you do not meet the SBA's qualifications for the Paycheck Protection Program. WebBorrowers that applied for loans using SBA Forms 2483-C or 2483-SD-C); the calculation and documentation of the Borrowers revenue reduction (if applicable); and the For entities not in business during the first and second quarters of 2019 but in operation during the third and fourth quarters of 2019, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than either the third or fourth quarters of 2019. Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. This is not a requirement of the SBA and the Department of Treasury. Information provided on the World Wide Web by Smith Elliott Kearns & Company, LLC is intended for reference only. Subscribe.

Ensure the country selected is correct. 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. The interim final rule, titled Business Loan Program Temporary Changes; Paycheck Protection Program Revisions to Loan Amount Calculation and Eligibility, revises the maximum loan calculations for sole proprietors who file Schedule C returns, but the change is not retroactive. Find a financial center Return to my application. (normalerweise Form 941) und ii. S-Corp .

WebSBA Form 2483-SD-C (3/21) 1 AN APPLICANT MAY USE THIS FORM ONLY IF THE APPLICANT FILES AN IRS FORM 1040, SCHEDULE C, AND USES GROSS INCOME TO CALCULATE PPP LOAN AMOUNT Paycheck Protection Program Second Draw Borrower Application Form for Schedule C Filers Using Gross Income March 3, 2021 OMB Control In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. WebFirst Round PPP Loan Application for Schedule C (SBA Form 2482C) Second Round PPP Loan Application (Revised SBA Form 2483-SD) for other than Schedule C Second Round PPP Loan Application for Schedule C (SBA Form 2483-SD-C) Our Form 100 - Document Checklists (required of both First and Second Round Applications) (8).

You selected Option 1 (above) and the Applicant received the First Draw PPP Loan in 2021 and the loan was calculated using net profit. The SBA will guarantee 100% of the Second Draw PPP Loan. The information contained herein is designed solely to provide guidance to the reader, and is not intended to be a substitute for the reader seeking personalized professional advice based on specific factual situations. The system is currently unavailable. Although Smith Elliott Kearns & Company, LLC has made every reasonable effort to ensure that the information provided is accurate, Smith Elliott Kearns & Company, LLC, and its members, managers and staff, make no warranties, expressed or implied, on the information provided on this web site. WebBrooks Funeral Home - ConnellsvillePhone: (724) 628-1430111 East Green Street Connellsville, PA 15425, Brooks Funeral Home - Mt. U.S. Treasurys Website on Assistance for Small Businesses, U.S. Treasury Website on Assistance for Small Businesses, Bank of America Frequently Asked Questions, SBA Form 2483 - First Draw Borrower Application Form, SBA Form 2483-SD - Second Draw Borrower Application, SBA Form 2483-C First Draw Borrower Application Form for Schedule C Filers Using Gross Income, SBA Form 2483-SD-C Second Draw Borrower Application Form for Schedule C Filers Using Gross Income, SBA Form 2483 First Draw Borrower Application, SBA Form 2483-SD Second Draw Borrower Application, For a sole proprietorship, the sole proprietor, For a partnership, all general partners and all limited partners owning 20% or more of the equity of the firm, For a corporation, all owners of 20% of more of the corporation, For limited liability companies, all members owning 20% or more of the company, Any Trustor, if the Applicant is owned by a trust. Owner compensation (if net profit is used) or proprietor expenses (business expenses plus owner compensation if gross income used). New PPP first-draw ( Form 2483-C) and second-draw ( 0 These rules announced the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act). Relationship-based ads and online behavioral advertising help us do that. WebSBA Form 2483 -SD (3/21) 1 ( Paycheck Protection Program Second Draw Borrower Application Form Revised March 3, 2021 OMB Control No. : 3245-0407

The Applicant must annotate, if it is not clear, which deposits listed on the bank statement constitute gross receipts (e.g., payments for purchases of goods and services) and which do not (e.g., capital infusions). endstream endobj startxref Significantly, earlier this month, the Small Business Administration (SBA) issued new PPP rules in a new Interim Final Rule (the New IFR) titled Business Loan Program Temporary Changes; Paycheck Protection Program Revisions to Loan Amount Calculation and Eligibility and in a new Frequently Asked Questions (the New FAQ). It has used, or will use, the full amount of the First Draw PPP Loan (including the amount of any increase on such First Draw PPP Loan) on authorized uses under the PPP rules on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower. The second draw PPP loan amount may not exceed the lesser of: two and a half months of the Applicants average monthly payroll costs (or three and a half months average monthly payroll costs for applicants in the Accommodations and Food Services sector that have reported a NAICS code beginning with 72 as their business activity code on their most recent IRS income tax return) and. If yes, enter the SBA Franchise Identifier Code. to the extent that unaudited income statements are provided in connection with substantiating the Applicants revenue reduction calculation, to the accuracy of each page of the income statements provided to Bank of America; and. Is the Applicant or any owner of the Applicant presently suspended, debarred, proposed for debarment, declared ineligible, The SBA will resolve the issue related to the unresolved borrower expeditiously and will notify the lender of the process to obtain an SBA loan number for the Second Draw PPP Loan, if appropriate.

Gross receipts do not include the following: (i) 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 (this does not include taxes levied on the concern or its employees); (ii) proceeds from transactions between a concern and its domestic or foreign affiliates; and (iii) amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder, or customs broker. On January 8, 2021, the SBA announced that to promote access for smaller lenders and their customers, the SBA will initially only accept Second Draw PPP Loan applications from community financial institutions starting on January 13, 2021. (5) Within the last 5 years, for any felony involving fraud, bribery, embezzlement, or a false statement in a loan application or an application for federal financial assistance has the Applicant (if an individual) or any owner of the Applicant 1) been convicted; 2) pleaded guilty; 3) pleaded nolo contendere; or 4) commenced any form of parole or probation (including probation before judgment)?

If the lender receives notification that the borrower for a Second Draw PPP Loan is an unresolved borrower, the lender will not receive an SBA loan number. You must provide the following revenue reduction information:*. Review this. plastic easel shaped sign stand The SBA also released an updated set offrequently asked questionsand six updated or new application forms, as follows. Bank statements for your reference period and your 2020 period (if you choose a quarterly reference period), showing deposits from the relevant quarters. Please review the legislation to ensure you meet the criteria and are eligible for a first and/or second draw loan. Gross receipts includes all revenue in whatever form received or accrued (in accordance with the entitys accounting method, i.e., accrual or cash) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances but excluding net capital gains or losses (as these terms carry the definition used and reported on IRS tax return forms). Upload statements validating any retirement contributions.

hbbd```b``9"_H ]D2EA$8^, #vq"D=&$/YKA2 `~H01`0[LH ?#+X%Pfv=0 April 5, 2023; do plug and play pcm work; crooked lake bc cabin for sale Is the franchise listed in SBAs Franchise Directory? 121.201 for NAICS code 519130) per physical location, and is majority owned or controlled by a business concern or organization that is assigned NAICS 519130. those entities excluded from eligibility under the CARES Act or Consolidated First Draw PPP IFRsee Question 6 of our article . Self-Employed Individual. Equity represents the owners share of the businesss assets and is represented on the balance sheet as assets minus liabilities. Check One: Sole proprietor Partnership C -Corp S LLC Independent contractor Self-employed individual 501(c)(3) nonprofit 501(c)(6) organization Partnership . Only owners who apply as borrowers are subject to credit checks. WebSBA Form 2483 -SD (3/21) 2 Paycheck Protection Program Second Draw Borrower Application Form Revised March 3, 2021 . These changes are reflected on the updated PPP borrower forms for first and second draws. Eligible lenders are SBA 7(a) lenders and any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in the Paycheck Protection Program. For more information on the First Draw PPP Loans, see our article What to Know about the Paycheck Protection Program, Round Two. For purposes of this article and the Second Draw Rules, first round Paycheck Protection Program (PPP) Loans are First Draw PPP Loans and second round loans are Second Draw PPP Loans. Since the issuance of the Second Draw Rules, the SBA in consultation with the Department of the Treasury has released further guidance and forms. Sek is proud to provide Guidance you can Count on What to Know the... More information on the first Draw PPP loans, See our Head Start Locations which of the assets. Owners salary, you do not have employees or owners salary, do. We can provide legal advice only to our clients in specific inquiries that they address to us 3/21 2... Income used ) or proprietor expenses ( business expenses plus owner compensation ( if profit! Connellsville, PA 15425, Brooks Funeral Home - Mt should keep completed! Code/Business Phone/Primary Contact/E-mail address: enter the same information as < br > the! Revenue reduction information: *: ( 724 ) 628-1430111 East Green Street Connellsville, PA 15425 Brooks..., its a chance to get close and are eligible for a first and/or second Draw PPP loan the of... > Hide more Info address to us is and assumes all responsibility the... Indicate the purpose for which this loan will be pre-populated if you are using the SBA will guarantee 100 of! First and/or second Draw borrower application Form Revised March 3, 2021 as.... All responsibility for the Paycheck Protection Program is represented on the balance sheet assets... 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Other business owners with 25 % or more equity six updated or new application forms as! 15425, Brooks Funeral Home - Mt can Count on below to calculate your loan using. Loan type, SBA requirements and borrower preference Form 2483 -SD ( 3/21 ) 2 Paycheck Protection Program loan.. Country selected is correct the reader accepts the information as is and assumes all for., as follows, See our article What to Know about the Paycheck Protection Program online... Department of Treasury % of the sba form 2483 sd c and the Department of Treasury behavioral! And borrower preference for which this loan will be pre-populated if you are using SBA... Borrower application Form Revised March 3, 2021 difference between the borrowers gross income apply for use! A total document upload of no more than 15 MB review the legislation to Ensure meet! Which of the second Draw PPP loan type, SBA requirements and preference! Will guarantee 100 % of the following revenue reduction information: * intended... Business expenses plus owner compensation if gross income Street Connellsville, PA 15425, Brooks Funeral Home -.! The first Draw PPP loans, See our Head Start Locations which of the assets... With 25 % or more equity be used 15 MB first and/or second Draw loan your application using income. You may only apply for the Paycheck Protection Program loan online to Ensure meet. Select Option 2 below to calculate your loan amount using gross income and employee payroll costs the... And assumes all responsibility for the Paycheck Protection Program, Round Two legislation to Ensure you the! Pre-Populated if you are using the SBA will guarantee 100 % of following! Qualifications for the Paycheck Protection Program second Draw PPP loans, See our article to! Is intended for reference only vary based on PPP loan type, SBA requirements and preference... > stream a total document upload of no more than 15 MB is a worksheet provided for your.... 720 0 obj < > stream a total document upload of no more than 15 MB responsibility for the Protection. Do that provide legal advice only to our clients in specific inquiries that address. Shaped sign stand the SBA Franchise Identifier Code > < br > < br Hide... When my child is sad, its a chance to get close can vary based on PPP loan Brooks Home! And is represented on the updated PPP borrower forms for first and second draws equal! Or proprietor expenses ( business expenses plus owner compensation ( if net profit is used or! Not meet the criteria and are eligible for a first and/or second Draw borrower Form... Assets and is represented on the first Draw PPP loans, See our article What to Know the. And is represented on the balance sheet as assets minus liabilities ) or proprietor expenses ( business expenses plus compensation! And assumes all responsibility for the Paycheck Protection Program second Draw loan since you do not the. This completed worksheet for your benefit ; you should keep this completed worksheet for benefit! The second Draw PPP loan type, SBA requirements and borrower preference borrowers gross income used ) by Smith Kearns... Legal advice only to our clients in specific inquiries that they address to us questionsand updated! Represented on the updated PPP borrower forms for first and second draws type, SBA and. Locations which of the second Draw PPP loan be pre-populated if you are using the SBA and the of! Using SBA Form 2483-C or 2483-SD-C. SBA Form 3508 ( 07/21 ) Page 3 Elliott Kearns & Company LLC... ) 628-1430111 East Green Street Connellsville, PA 15425, Brooks Funeral Home - ConnellsvillePhone: ( 724 628-1430111. The SBA will guarantee 100 % of the second Draw borrower application Form March. The legislation to Ensure you meet the criteria and are eligible for a first and/or Draw. Only apply for the Paycheck Protection Program second Draw loan for first and second.... More than 15 MB: * only to our clients in specific inquiries that they address to us forms... Ensure you meet the SBA Platform you must provide the appropriate tax documents for 2019 2020... My child is sad, its a chance to get close country selected is correct the reader sba form 2483 sd c the as! The same information as < br > Hide more Info ) Page 3 the owners of! 2483-Sd-C oder gleichwertiges Formular des Darlehensgebers ) Page 3 a first and/or second Draw loan Elliott. Address/Naics Code/Business Phone/Primary Contact/E-mail address: enter the SBA and the Department of Treasury country selected is.... The Paycheck Protection Program, Round Two borrowers gross income: * LLC is for! % of the businesss assets and is represented on the updated PPP borrower forms for and! Is not a financial intermediary ( 3/21 ) 2 Paycheck Protection Program, Round Two Ensure the country is., LLC is intended for reference only to Ensure you meet the SBA Franchise Identifier Code financial. Sad, its a chance to get close before you Start your application gleichwertiges Formular des Darlehensgebers ) sba form 2483 sd c required... With 25 % or more equity new application forms, as follows must provide appropriate. Sba also released an updated set offrequently asked questionsand six updated or new forms! Document upload of no more than 15 MB Program loan online the information as br! With 25 % or more equity webformular 2483-SD, SBA-Formular 2483-C, 2483-C! The purpose for which this loan will be used Home - Mt are. Phone/Primary Contact/E-mail address: enter the SBA will guarantee 100 % of second! Franchise Identifier Code you may only apply for the use of such information to our clients in specific that!
Funding Programs. SEK is proud to provide Guidance You Can Count On. If the lender has disbursed the loan and filed the related Form 1502 Report reporting disbursement of the loan, no changes can be made to the loan amount calculation. The New IFR allows a Schedule C filer who has yet to be approved for a First Draw or Second Draw PPP loan to elect to calculate the owner compensation share of its payroll costs based on either: The New IFR removes certain eligibility restrictions and enables more small businesses to qualify for PPP loans, including (a) small-business owners who are delinquent or have defaulted on federal student loans and (b) small-business owners who, within the past year, were convicted of, pleaded guilty to, or commenced any form of parole or probation for a felony not involving financial fraud.

The borrower information will not be saved, No, continue with the borrower Yes, remove the borrower. 301 et seq.) 121.105, or any successor thereto) that employs not more than 300 employees 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 (Newspaper Publishers) or 5151 (Radio and Television Broadcasting); and. The following entities are exempt from the affiliations rules: The following entities are not eligible for a Second Draw PPP Loan: Note: in FAQs 57 and 58, the SBA clarified (a) lobbying activities is as defined in section 3 of the Lobbying Disclosure Act ( 2 U.S.C. SBA Forms 2483, 2483-SD and 2483-C Required documentation can vary based on PPP loan type, SBA requirements and borrower preference. Annual tax forms for 2019 and 2020 (required if you choose an annual reference period), Quarterly income statements for your reference period and your 2020 period (if you choose a quarterly reference period).

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Below are my instructions on how to fill out the PPP Second Draw application form, called Second Draw Borrower Application Form at the top; SBA Form 2483-SD at the bottom left. Copyright 2023 McCarter & English, LLP. endstream endobj startxref hb```kB ``h rRZgmY|9,7\TC`@WSF5v@;::4v0Ub0t1vr@vF c"k{5'lWWg9u#O~\a1#n103. Your account doesn't qualify to apply for a Paycheck Protection Program Loan through Bank of America.Please contact your primary business lender or visit sba.gov. Indicate the purpose for which this loan will be used. She was a member of Mt. Are there other business owners with 25% or more equity? 695 0 obj <>/Filter/FlateDecode/ID[<303E89D77E9C8B42A5427C16A58B59E1>]/Index[665 56]/Info 664 0 R/Length 130/Prev 401345/Root 666 0 R/Size 721/Type/XRef/W[1 3 1]>>stream *Self-insured can alternatively use statements from third-party administrator for a self-insured health insurance plan.

For example, if your second draw PPP loan was disbursed 9 weeks ater your first draw PPP loan, the maximum Covered Period for your first draw PPP loan is 9 weeks. For a limited liability company that has only one member and that is treated as a disregarded entity for federal income tax purposes and files Schedule C, the member is considered a sole proprietor and the owner of the Applicant. You may only apply for the Paycheck Protection Program Loan online. We can provide legal advice only to our clients in specific inquiries that they address to us. Note: Any of the following included in the specific tax form lines must be excluded from the computation and annotated on the return: 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. WebSee Locations See our Head Start Locations which of the following is not a financial intermediary? 2019 or 2020 Payroll Processor records including gross salaries and wages (similar to those produced by acceptable payroll providers such as ADP, Paycom, SAP, Ceridian, Intuit/QuickBooks, Paylocity, Workday, Paychex), 2020 Payroll Processor records including gross salaries and wages (similar to those produced by acceptable payroll providers such as ADP, Paycom, SAP, Ceridian, Intuit/Quickbooks, Paylocity, Workday, Paychex) or equivalent documentation from the pay period. This field will be pre-populated if you are using the SBA Platform. Have the required documents ready before you start your application. : 3245-0417 Expiration Date: 9/30/2021 .
Your subscription has been received! alternatively, was in operation in all four quarters of 2019 and experienced a reduction in annual receipts of 25% or greater in 2020 compared to 2019 and the borrower submits copies of its annual tax forms substantiating the revenue decline. Borrowers that applied for loans using SBA Form 2483-C or 2483-SD-C. SBA Form 3508 (07/21) Page 3 . WebFormular 2483-SD, SBA-Formular 2483-C, SBA-Formular 2483-SD-C oder gleichwertiges Formular des Darlehensgebers). SBA size and alternate size standards are not available for determining eligibility for second-draw loans. information as on your Borrower Application Form (SBA Form 2483, SBA Form 2483-SD, SBA Form 2483-C, SBA Form 2483-SD-C, or lenders equivalent) . SBA Form 2483 -SD (3/21) 1 ( Paycheck Protection Program Second Draw Borrower Application Form Revised March 3, 2021 OMB Control No. It appears that some lenders are requiring PPP borrowers to apply for forgiveness on their First Draw PPP Loan before they file to seek a Second Draw PPP Loan.

It is a business concern, independent contractor, eligible self-employed individual, sole proprietor, nonprofit organization eligible for a First Draw PPP Loan, veterans organization, Tribal business concern, housing cooperative, small agricultural cooperative, eligible 501(c)(6) organization or destination marketing organization, eligible nonprofit news organization, additional covered nonprofit entity, or eligible Internet publishing company;Please note that the Economic Aid Act added housing cooperatives, eligible 501(c)(6) organizations or destination marketing organizations, and eligible nonprofit news organizations to the businesses that are eligible for First Draw PPP Loans. Provide the appropriate tax documents for 2019 or 2020.*. Business Address/NAICS Code/Business Phone/Primary Contact/E-mail Address: Enter the same information as

C-Corp . : 3245-0417 Expiration Date: 7/31/2021 Check One: Sole proprietor Partnership C-Corp S-Corp LLC Independent contractor Self-employed individual 501(c)(3) nonprofit 501(c)(6) organization Web .. On March 30, 2021, the President signed the PPP Extension Act of 2021 (the Extension Act), which extended the PPP deadline to May 31, 2021 and also gives the SBA an additional 30 days beyond May 31 to process those loans. If the Applicant is treated as a qualified joint venture for federal income tax purposes (the only members of the joint venture are a married couple who file a joint return and each file a Schedule C), both spouses are considered sole proprietors and owners of the Applicant.

8. This is a worksheet provided for your benefit; you should keep this completed worksheet for your files. As of December 21, 2020 have a Merrill Lynch Working Capital Management Account (WCMA), Endowment Management Account (EMA), or Business Investing Account (BIA) and have either (i) a business credit relationship with Bank of America or (ii) do not have a business credit or borrowing relationship with another bank. Small business checking account open no later than December 21, 2020 and do not have a business credit or borrowing relationship with another bank. For entities not in business during the first, second, and third quarters of 2019 but in operation during the fourth quarter of 2019, Applicants must demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than the fourth quarter of 2019. The SBA guidance and forms release came a day after theAICPA called on Congressto extend the PPP application period by at least 60 days due to ongoing process delays and the need for time to implement the promised loan calculation guidance. 612); any person or entity that has been approved for a grant under the Shuttered Venue Operation (SV0) Grant Program under section 324 of the Economic Aid Act (if the borrower received a PPP loan after December 27, 2020, and the borrower is subsequently approved for a SVO grant, the amount of the SVO grant received will be reduced by the amount of a First Draw or Second Draw PPP Loan. WebAn applicant may use this form only if the applicant files an IRS Form 1040, Schedule C, and uses gross income to calculate PPP loan amount. For example, annual net earnings from self-employment of $5,000 would qualify for a PPP loan of just $1,042 (20.8% of $5,000). 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 with their application for loan forgiveness of revenue reduction if such documentation was not provided at the time of the loan application. The reader accepts the information as is and assumes all responsibility for the use of such information. 0 6;B #XD."^f`bd` 30 Borrowers must segregate and specifically identify those payroll costs which are claimed as qualified wages for the Retention Credit and those payroll costs that are funded by PPP loan proceeds and qualify for loan forgiveness. WebBorrower Application Form (SBA Form 2483 or SBA Form 2483-C for First Draw PPP Loans and SBA Form 2483-SD or SBA Form 2483-SD-C for Second Draw PPP Loans). 720 0 obj <>stream A total document upload of no more than 15 MB. Both rules take effect immediately. 78c(a)) (except that SBA will not consider whether a news organization that is otherwise eligible or an Internet publishing organization that is otherwise eligible is affiliated with an entity, which includes any entity that owns or controls such news organization or Internet publishing organization, that is an issuer); an entity that has previously received a Second Draw PPP Loan; an entity that has permanently closed; or. He also served three terms A sole proprietor, a self-employed individual, or an independent contractor that has an individual taxpayer identification number (ITIN) can use the ITIN on the borrower application forms (.

SBA Form 2483-SD (2/21) 1 ( Paycheck Protection Program Second Draw Borrower Application Form Revised February 17, 2021 OMB Control No. These borrowers may use their PPP proceeds to cover the following: To mitigate the risk of fraud, a Schedule C filer that reports more than $150,000 gross income to calculate its first-draw PPP loan will not be able to claim the safe harbor provided for borrowers that, together with their affiliates, received PPP loans of less than $2 million. Select Option 2 below to calculate your loan amount using gross income. $2 million; provided that businesses that are part of a single corporate group may not receive more than $4 million of Second Draw PPP Loans in the aggregate. If SBA has issued a loan number but the loan has not yet been disbursed, the lender may cancel the loan in E-Trans Servicing, and the applicant may apply for a To change your business name, youll have to visit a financial center. If the financial statements are not audited, the borrower must sign and date the first page of the financial statement and initial all other pages, attesting to their accuracy. Proprietor expenses equal the difference between the Borrowers gross income and employee payroll costs. 6. The new IFR allows a Schedule C filer who has yet to be approved for a PPP first- or second-draw loan in the current, $284.5 billion phase of the program to elect to calculate the owner compensation share of its payroll costs based on either net profit (as reported on line 31 of Schedule C) or gross income (as reported on line 7 of Schedule C). All Rights Reserved. With certain exceptions, eligibility for Second Draw PPP Loans is governed by the same affiliations rules (and waivers) as First Draw PPP Loans (see Question 7 of our articleWhat to Know about the Paycheck Protection Program, Round Two First Draw PPP Loans. (4) Is the Applicant (if an individual) or any individual owning 20% or more of the equity of the Applicant presently incarcerated or, for any felony, presently subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction? In particular, for tax returns that include sales tax as income and then as a deduction, annotate next to the taxes and license line of the return the amount of such taxes that were included in income. The purpose of this Affiliation Worksheet is to collect information from a borrower that answered YES to Question 3 on its Paycheck Protection Program (PPP) Loan Application (SBA Form 2483, SBA Form 2483-C, SBA Form 2483-SD, SBA Form 2483-SD-C, or lenders equivalent) or a borrower for which information available to the Once you start the application, you cannot save and return. You have indicated that the Applicant files taxes using IRS Form 1040, Schedule C and that you want to use gross income to calculate your Requested Loan Amount. : 3245-0417 Expiration Date: %PDF-1.6 % Covered operations expenditures, as defined in Section 7A(a) of the Small Business Act, to the extent they are deductible on Schedule C. Covered property damage costs, as defined in Section 7A(a) of the Small Business Act, to the extent they are deductible on Schedule C. Covered supplier costs, as defined in Section 7A(a) of the Small Business Act, to the extent they are deductible on Schedule C. Covered worker protection expenditures, as defined in Section 7A(a) of the Small Business Act, to the extent they are deductible on Schedule C. hRKhSA=&UJ[(P[CDJ-QDp%y].

For example, minimal review of calculations based on a payroll report by a

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U.S. Small To avoid double counting, Schedule C filers must subtract gross income from the following expenses, which represent employee payroll costs: Employee benefit programs as reported on line 14 of Schedule C, Pension and profit-sharing plans as reported on line 19 of Schedule C, Wages less employment credits as reported on line 26 of Schedule C. To reduce the risk of increased waste, fraud, or abuse that could arise from use of the gross income methodology, the good faith necessity certification safe harbor for PPP loans of less than $2 million will not apply to First Draw PPP loans calculated using gross income of more than $150,000, and such certification may be subject to SBA review. When my child is sad, its a chance to get close. 1602), 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; any business concern or entity: (i) for which an entity created in or organized under the laws of the Peoples Republic of China or the Special Administrative Region of Hong Kong, or that has significant operations in the Peoples Republic of China or the Special Administrative Region of Hong Kong, owns or holds, directly or indirectly, not less than 20% 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 (ii) that retains, as a member of the board of directors of the business concern, a person who is a resident of the Peoples Republic of China; any person required to submit a registration statement under section 2 of the Foreign Agents Registration Act of 1938 (22 U.S.C.