New Round of Paycheck Protection: SBA Application, Rules for First and Second Draws, Eligibility and Parameters
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will discuss PPP lending as recently revised and expanded under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the New PPP Act or the Act). Panel discussion will include the new eligibility requirements and lending parameters, procedures for existing PPP borrowers to obtain second draws, and tax treatment of expenses paid with PPP loans.
Outline
- The New PPP Act--funds available and timeline
- Borrower eligibility
- Business types added
- Business types excluded
- Size of business parameters
- Demonstrated losses in revenue
- Second draw loan procedures
- Loan forgiveness
- Covered period
- Eligible expenses
- Tax treatment
- Deductibility of expenses paid with PPP funds
- Employee retention tax credit
Benefits
The panel will review these and other relevant issues:
- What does the Act say about borrower eligibility for PPP funds, and how does it differ from the initial PPP?
- What are expanded categories of eligible expenses, and what is the impact on loan forgiveness?
- How have lender underwriting requirements been revised under the Act?
- What advantages have been written into the Act for small borrowers and loans under $150,000?
Faculty
Kiamesha-Sylvia G. Colom
Partner
Taft Stettinius & Hollister
Ms. Colom focuses her practice in the areas of real estate transactions (acquisitions, dispositions, development,... | Read More
Ms. Colom focuses her practice in the areas of real estate transactions (acquisitions, dispositions, development, leasing, sale leaseback transactions, and real estate municipality work), real estate lending and commercial finance transactions, and related business transactions. She helps developers, corporate real estate departments, municipalities, tenants, and landlords achieve their real estate goals related to development projects, drafting and negotiating of lease documents, negotiating transfer documents, and ultimately getting the deal done. Ms. Colom has closed numerous SBA, USDA, and conventional commercial loans for commercial lenders and borrowers related to real estate, equipment, machinery, and C&I lending. Her extensive base of knowledge covers an array of commercial loan types, including government guaranteed lending, asset-based line of credits, term loans, real estate transactions, and construction loans. Ms. Colom is Chair of the firm’s SBA Task Force, and a member of both Taft's CARES Act Title IV Task Force and Inclusion Task Force.
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Ralph F. (Chip) MacDonald, III
Of Counsel
Jones Day
Mr. MacDonald is a financial services lawyer who focuses on M&As, public and private securities, governance, and... | Read More
Mr. MacDonald is a financial services lawyer who focuses on M&As, public and private securities, governance, and policy issues for clients engaged in this industry. Since 1979, he has helped domestic and international clients including bank holding companies, banks, investment banks, broker-dealers, investment managers, and fintech companies. He advises senior management and boards of directors. Mr. MacDonald also provides strategic and transaction guidance, including evolving areas such as regulatory relief and financial services policy. A growing area is the fintech industry, particularly its regulation and relationships with state, federal, and foreign regulators and traditional financial services companies. Clients range from global banks such as Citibank and BNP to regional and community banks. He often advises commercial businesses with respect to relationships and services with their financial services providers. Mr. MacDonald advises clients frequently regarding financial services M&As, asset and liability transactions, public and private securities offerings, Volcker Rule, investments and risk management, and bank, trust company, credit card, fintech, and other financial services charters.
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