PPP UPDATE 5/10/2020

5/10/20

PPPの受給されたお客様へ

本日は緊急のお知らせをいたします。

数日前、SBAは最終的な指針を打ち出しました。それによると、PPPの受給資格はローンを申し込んだ時点でのキャッシュフローがなく経営状態が困難であるということが条件になりました。その時点でオペレーションを続ける十分は現金がある、ほかにどこからか資金が調達できるかなどが審査基準になるそうです。

もともと申込した時にはこの基準はなく、すべての困っている会社が申し込めるとされておりましたが、ここにきて、このような制限をかけ始めました。まるで最後の人参がもらい損ねた馬のようですよね!多くの会社がこれからの経済的な不透明さを案じて申し込みされたと思います。今更返せとはひどい話ですが、条件が満たさないとわかっていながら返却しない場合は罪に問うという姿勢で参りました。返却の期限は5月14日となっております。どうぞ銀行にお問合せをお願いいたします。5月14日までに返却完了すれば、先日officeからお送りいたしましたFORM7200 EMPLOYEE RETENTION CREDIT の申込が可能です。PPPをお申込みされて、弊社に費用をお支払いになられた方は、FORM7200は2回無料とさせていただきます。ただ、この基準については非常に主観的ですので、どのようにその状態を証明するのかなど、指針はでておりません。ですので、ご判断はどうぞご自身でなさってくださいますようお願いいたします。

5/10/20

To customers who received PPP

Today we would like to make an urgent notice.

A few days ago, the SBA came up with the final guidance. According to it, if there is enough cash to operate business at the time of applying for a PPP loan and the business condition is not too difficult, you are not eligible for PPP.

Originally, there was no standard when applying, and it was said that all troubled companies could apply, but it began to impose such restrictions. We think many companies have applied for the economic uncertainty of the future. It is terrible to ask us to repay now, but if you do not return it even though you know that the conditions are not met, you may be under criminal investigation. Due date of returning is May 14. If you return it by that day, you can apply retention credit FORM7200. Please keep in your mind that this standard is very subjective, and there is no guideline on how to prove its condition. Therefore, please make your own judgment. Please consult with your banker.

From SBA For your Information

In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application. Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary. Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business.

Question:FAQ #31 reminded borrowers to review carefully the required certification on the Borrower Application Form that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith. Is it possible for a borrower to obtain an extension of the May 7, 2020 repayment date? Answer: SBA is extending the repayment date for this safe harbor to May 14, 2020. Borrowers do not need to apply for this extension. This extension will be promptly implemented through a revision to the SBA’s interim final rule providing the safe harbor. SBA intends to provide additional guidance on how it will review the certification prior to May 14, 2020.

45.Question: Is an employer that repays its PPP loan by the safe harbor deadline (May 14, 2020) eligible for the Employee Retention Credit?Answer: Yes. An employer that applied for a PPP loan, received payment, and repays the loan by the safe harbor deadline (May 14, 2020) will be treated as though the employer had not received a covered loan under the PPP for purposes of the Employee Retention Credit. Therefore, the employer will be eligible for the credit if the employer is otherwise an eligible employer for purposes of the credit

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