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<p>I got this from Paul Peter Nicolai, a local lawyer many of you
might know (on 8/12), and, after all, a month old.<br>
<br>
<blockquote type="cite">
<div style="font-family:georgia, serif;font-size:18px;">Many are
aware that the time for filing the paperwork necessary to show
that all or part of your payroll Protection Program loan
should be forgiven is coming up.<br>
</div>
<div style="font-family:georgia, serif;font-size:18px;"><br>
</div>
<div style="font-family:georgia, serif;font-size:18px;">There
are two reasons why you should hold off on trying to file
anything.<br>
</div>
<div style="font-family:georgia, serif;font-size:18px;"><br>
</div>
<ol>
<li style="font-family:georgia, serif;font-size:18px;">First,
exactly what is needed is not quite determined and banks are
in different stages of being ready to accept the paperwork.<br>
</li>
<li style="font-family:georgia, serif;font-size:18px;">Second,
ongoing negotiation between the administration and Congress
that is such that PPP loans under some threshold - likely to
be about $150,000 - are simply going to be forgiven without
any requirement of proof being filed. Of course, we will not
know whether this is the case or what level it would apply
at until there is a negotiated deal passed by Congress and
signed by the president.</li>
</ol>
</blockquote>
<br>
</p>
<p><br>
</p>
<p><br>
</p>
<p>See:
<a class="moz-txt-link-freetext" href="https://www.masslive.com/business/2020/08/small-business-administration-has-opened-its-paycheck-protection-program-forgiveness-portal-heres-why-many-small-businesses-will-have-to-wait.html">https://www.masslive.com/business/2020/08/small-business-administration-has-opened-its-paycheck-protection-program-forgiveness-portal-heres-why-many-small-businesses-will-have-to-wait.html</a><br>
</p>
<p><br>
</p>
<div class="moz-cite-prefix">On 9/23/2020 5:21 PM, Rob Laporte via
Hidden-discuss wrote:<br>
</div>
<blockquote type="cite"
cite="mid:MN2PR14MB3037774F20E2421C7FD94E43E5380@MN2PR14MB3037.namprd14.prod.outlook.com">
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<div style="font-family: Verdana, Geneva, sans-serif; font-size:
11pt; color: rgb(0, 0, 0);">
Hi All,</div>
<div style="font-family: Verdana, Geneva, sans-serif; font-size:
11pt; color: rgb(0, 0, 0);">
<br>
</div>
<div style="font-family: Verdana, Geneva, sans-serif; font-size:
11pt; color: rgb(0, 0, 0);">
It's hugely complicated, and I expect to resolve it via my
firm's CPA soon, but meanwhile I wonder if this recap to my
CPA resonates with any others of you trying to battle the
effects of banking lobbyists working to reduce US-wide PPP
loan forgiveness:</div>
<div style="font-family: Verdana, Geneva, sans-serif; font-size:
11pt; color: rgb(0, 0, 0);">
<br>
</div>
</div>
<div style="font-family: Verdana, Geneva, sans-serif; font-size:
11pt; color: rgb(0, 0, 0);">
<blockquote style="margin: 0 0 0 40px; border: none; padding:
0px;">
<div style="font-family: Verdana, Geneva, sans-serif;
font-size: 11pt; color: rgb(0, 0, 0);">
<div style="margin: 0px; font-size: 11pt; font-family:
Verdana, Geneva, sans-serif; color: black;
background-color: rgb(255, 255, 255)">
When I applied to the loan on 4/9, calcuations were based
on payroll, no S-Corp [or C-Corp] owner distinction. So I
applied for the amount I did based on that. The later rule
change regarding S-corp owners seems wrong--it changes the
terms of the loan
<i>after</i> making a business decision to get the loan at
all--hence my thinking it's best to invoke:</div>
<div style="margin: 0px; font-size: 11pt; font-family:
Verdana, Geneva, sans-serif; color: black;
background-color: rgb(255, 255, 255)">
<br>
</div>
<div style="margin: 0px; font-size: 11pt; font-family:
Verdana, Geneva, sans-serif; color: black;
background-color: rgb(255, 255, 255)">
<blockquote style="margin: 0px 0px 0px 40px; border-style:
none">
<div style="margin: 0px"><b>
<div style="margin: 0px">
<p dir="ltr" style="text-align: justify;
margin-top: 0px; margin-right: 9pt;
margin-bottom: 0px; line-height: 1.8">
<span style="margin: 0px; font-weight: 700;
color: red">“Borrowers and lenders may rely on
the guidance provided in this document as
SBA’s interpretation of the CARES Act and of
the Paycheck Protection Program Interim Final
Rules (“PPP Interim Final Rules”)</span><span
style="margin: 0px; font-weight: normal"><span> </span>(link).
The U.S. government will not challenge lender
PPP actions that conform to this guidance, and
to the PPP Interim Final Rules and any
subsequent rulemaking<span> </span></span><span
style="margin: 0px; color: rgb(200, 38, 19)">i</span><span
style="margin: 0px; color: rgb(200, 38, 19)">n
effect at the time</span><span style="margin:
0px; font-weight: normal; color: rgb(200, 38,
19);">.</span><span style="margin: 0px;
font-weight: normal">” ( </span></p>
</div>
</b></div>
</blockquote>
</div>
<div style="margin: 0px; font-size: 11pt; font-family:
Verdana, Geneva, sans-serif; color: black;
background-color: rgb(255, 255, 255)">
<blockquote style="margin: 0px 0px 0px 40px; border-style:
none">
<div style="margin: 0px"><b style="font-weight: normal"><span
style="margin: 0px; font-weight: 400; font-size:
12pt; font-family: "Proxima Nova",
sans-serif; color: rgb(17, 85, 204);
text-decoration: underline;"><a
href="https://www.sba.gov/sites/default/files/2020-04/Paycheck-Protection-Program-Frequently-Asked-Questions_04%2024%2020.pdf"
target="_blank" rel="noopener noreferrer"
data-auth="NotApplicable" style="margin: 0px"
moz-do-not-send="true">https://www.sba.gov/sites/default/files/2020-04/Paycheck-Protection-Program-Frequently-Asked-Questions_04%2024%2020.pdf</a> </span><span
style="margin: 0px; font-weight: 400; font-size:
12pt; font-family: "Proxima Nova",
sans-serif"><span style="font-family: Verdana,
Geneva, sans-serif; font-size: 14.6667px;
text-align: justify; background-color: rgb(255,
255, 255); display: inline !important">4/24/20)</span></span></b></div>
</blockquote>
</div>
<div style="margin: 0px; font-size: 11pt; font-family:
Verdana, Geneva, sans-serif; color: black;
background-color: rgb(255, 255, 255)">
<div style="margin: 0px"><b style="font-weight: normal"><span
style="margin: 0px; font-weight: 400; font-size:
12pt; font-family: "Proxima Nova",
sans-serif"><br>
</span></b></div>
</div>
<div style="margin: 0px; font-size: 11pt; font-family:
Verdana, Geneva, sans-serif; color: black;
background-color: rgb(255, 255, 255)">
<div style="margin: 0px"><b style="font-weight: normal"><span
style="margin: 0px; font-weight: 400; font-size:
12pt; font-family: "Proxima Nova",
sans-serif"><span style="margin: 0px; font-size:
14.67px; font-family: Verdana, Geneva, sans-serif;
background-color: white">Also, I applied based on
rent paid, regardless of later rule changes
negating forgiveness for rent paid to the business
owner or to a relative of the owner. </span></span></b></div>
</div>
<div style="margin: 0px; font-size: 11pt; font-family:
Verdana, Geneva, sans-serif; color: black;
background-color: rgb(255, 255, 255)">
<div style="margin: 0px"><b style="font-weight: normal"><span
style="margin: 0px; font-weight: 400; font-size:
12pt; font-family: "Proxima Nova",
sans-serif"><span style="margin: 0px; font-size:
14.67px; font-family: Verdana, Geneva, sans-serif;
background-color: white"><br>
</span></span></b></div>
</div>
<div style="margin: 0px; font-size: 11pt; font-family:
Verdana, Geneva, sans-serif; color: black;
background-color: rgb(255, 255, 255)">
<div style="margin: 0px"><b style="font-weight: normal"><span
style="margin: 0px; font-weight: 400; font-size:
12pt; font-family: "Proxima Nova",
sans-serif"><span style="margin: 0px; font-size:
14.67px; font-family: Verdana, Geneva, sans-serif;
background-color: white">But if other ways to
slice this will work for getting all forgiveness,
I'd do that, being cognizant of the National Law
Reivew's warning that choosing any rules after
one's PPP loan application date (4/9 for me) could
mean "that to be eligible for this safe harbor,
borrowers may need to keep all full time
equivalent employees employed even after the
covered period ends" up to 12/31/2020.</span></span></b></div>
</div>
<br>
</div>
</blockquote>
</div>
<div style="font-family: Verdana, Geneva, sans-serif; font-size:
11pt; color: rgb(0, 0, 0);">
I coud write a small book on the many ways that the
ever-changing PPP rules/laws together with PR lure small
businesses into taking the bait on the 24-week option and/or
delying forgiveness application, which reduces forgiveness and
increases debt. And forget about the PR about all loans under
150G maybe being forgiven automatically--it spurs more delays in
forgiveness applications, which will benefit the big banks that
buy the books of PPP loans from small banks and then change the
rules (the CARES Act allows that) for profit and perhaps
collateralize some of the debt into CLOs to sell to investors. </div>
<div style="font-family: Verdana, Geneva, sans-serif; font-size:
11pt; color: rgb(0, 0, 0);">
<br>
</div>
<div style="font-family: Verdana, Geneva, sans-serif; font-size:
11pt; color: rgb(0, 0, 0);">
But to keep focus, I wonder if anyone has insight on the
legality of in fact invoking the laws that were in effect when
one applied to the original PPP loan, so as to obviate all later
rules. </div>
<div style="font-family: Verdana, Geneva, sans-serif; font-size:
11pt; color: rgb(0, 0, 0);">
<br>
</div>
<div>
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