This is welcome news to small businesses throughout the country, but—as detailed below—there are significant issues and uncertainties looming large over the PPP that could render many small businesses ineligible for new or second draw loans. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. Nossaman eAlert. The affiliation rules described above are waived 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 North American Industry Classification System code beginning with 72; (2) any business concern “CohnReznick” refers to CohnReznick LLP or any of its subsidiaries or affiliates. Religious Organization Exemption. PPP 2.0 – New Round & Second-Draw Details, California Residents: Do Not Sell My Personal Information. Delays at U.S. Passport Agencies Continue. (1) Affiliation based on ownership. 404.250.4079, Jeff Bobrosky, CPA, Partner, Assurance and Advisory Maximum loan amount and increased assistance for accommodation and food services businesses. You must submit your request by May 31, 2021 using Form 2483. Professional resume and cover letter writers reveal their inside secrets for creating phenomenal cover letters that get attention and land interviews. In Killing Hope, William Blum, author of the bestselling Rogue State: A Guide to the World's Only Superpower, provides a devastating and comprehensive account of America's covert and overt military actions in the world, all the way from ... Newsletter/Bulletin | January 13, 2021. second wave of Paycheck Protection Program (PPP) loans, PPP Loan Forgiveness Solutions for Lenders, Business of Baseball: Highlights From Past Seasons, Federal coronavirus resources: Legislation, loans, and tax relief, The Cybersecurity Maturity Model Certification (CMMC), Limits on spending on payroll vs. non-payroll costs, 2.5 months’ worth of the individual’s 2019 or 2020 compensation, What is included in determining this amount is defined differently for C or S corporation owner-employees, general partners, or self-employed individuals; find details on pages 22-25 of this, Restore full-time equivalent employee numbers or wages by the last day of their covered period, Can document in good faith that they were unable to return by the end of the covered period to the same level of business activity as such recipient was operating at before Feb. 15, 2020, due to compliance with federal COVID-19-related requirements and guidelines issued during the period beginning on March 1, 2020, and ending on the last day of the covered period, Any positions for which the borrower made a good-faith, written offer to rehire an employee who was employed on Feb. 15, 2020, and was unable to hire similarly qualified employees for unfilled positions on or before the last day of their covered period, Any positions for which the borrower made a good-faith, written offer to restore any reduction in hours, at the same salary or wages, during the covered period and the employee rejected the offer. On December 21, 2020, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act .
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