iChallenge & PPP Loan Updates iChallenge Saul Ramos, Deputy - - PowerPoint PPT Presentation

iChallenge & PPP Loan Updates

iChallenge

Saul Ramos, Deputy Director for Nevada District Office, U.S. Small Business Administration Marcel Schaerer, Deputy Director for Nevada Department of Business & Industry

PPP Updates

Joseph Amato, District Director for Nevada District Office U.S. Small Business Administration

PURPOSE

Forgivable if used for payroll (minimum of 75% of the funds received) and the remaining for certain operating expenses To meet financial obligations and operating expenses that could have been met had the disaster not occurred

TERMS

Up to $10 million 1% interest rate Up to $2 million 3.75% for businesses 2.75% for non-profits

FORGIVABLE

YES NO – EIDL Loan YES – EIDL Advance

MATURITY

2 years 30 years

FIRST PAYMENT DUE

Deferred 6 months Deferred 1 year Paycheck Protection Program Full EIDL Loan

PPP Updates

Are businesses that receive revenue from legal gaming eligible for a PPP Loan? A business that is otherwise eligible for a PPP Loan is not rendered ineligible due to its receipt of legal gaming revenues, and 13 CFR 120.110(g) is inapplicable to PPP loans. Businesses that received illegal gaming revenue remain categorically ineligible.

PPP Updates

Under this interim final rule issued pursuant to section 1109 of the Act, a seasonal employer may alternatively elect to determine its maximum loan amount as the average total monthly payments for payroll during any consecutive 12-week period between May 1, 2019 and September 15, 2019

PPP Updates

Agricultural producers, farmers, and ranchers are eligible for PPP loans if: (i) the business has 500 or fewer employees, or (ii) the business fits within the revenue-based sized standard, which is average annual receipts of $1 million

Additionally, agricultural producers, farmers, and ranchers can qualify for PPP loans as a small business concern if their business meets SBA’s “alternative size standard.”

PPP PPP Up Updates es

Is a hospital owned by governmental entities eligible for a PPP loan? A hospital that is otherwise eligible to receive a PPP loan as a business concern

• r nonprofit organization (described in section 501(c)(3) of the Internal Revenue

Code of 1986 and exempt from taxation under section 501(a) of such Code) shall not be rendered ineligible for a PPP loan due to ownership by a state or local government if the hospital receives less than 50% of its funding from state or local government sources, exclusive of Medicaid.

4/24/2020 EIDL Advance 4/24/2020 EIDL

Nevada PPP Loans as 4/16/20 PPP National numbers as 4/28/20

Number of approved loans: 475,000+ Approved PPP amount: $52 billion Number of Lenders: 5,100+

Questions