I am a Sole Proprietor with a Schedule C and separately have an S-Corp from which I take Payroll. You must be a small business, cooperative, ESOP or tribal business with 500 or fewer employees; An individual who operates as a sole proprietorship, with or without employees, or as an independent contractor; or. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. Also would the $10,000 advance be doubled? In the event the business is approved for an EIDL, the grant amount will be subtracted from the amount forgiven. Refrain from posting overtly promotional content, and avoid disclosing personal information such as bank account or phone numbers. Whether a portfolio company of a private equity or venture capital firm is affiliated with its sponsor or with other portfolio companies will depend on the particular facts and circumstances and whether the existing affiliation standards will apply. The various scenarios where affiliation may be found under the affiliation rules are discussed below. Wait so I get to keep the $10k EIDL Grant even if I … Can I apply for 2 PPP loans? If a buyer has already obtained a PPP loan or an EIDL loan, the analysis is relatively straightforward. When you fill out an EIDL application you’ll need to answer a question about whether your business is owned by another business entity. Affiliation principles apply to the EIDL program as described in 13 C.F.R. The PPP in the CARES Act expressly waives the affiliation analysis for: Any business in accommodation and food services industries (NAICS Code starting with "72") with not more than 500 employees as of the date on which the loan is disbursed. The PPP in the CARES Act expressly waives the affiliation analysis for: You can also request a loan increase within two years of your original EIDL if you experience additional hardships due to the disaster. If your EIDL loan was not used for payroll costs, it does not affect your eligibility for a PPP loan. Wenn eine bestimmte Englisch-Deutsch-Übersetzung noch nicht im Wörterbuch enthalten ist, kann sie von jedem Benutzer eingetragen werden. Business concerns seeking to qualify as a “small business concern” under section 3 of the Small Business Act (15 U.S.C. A private non-profit or small agricultural cooperative. Answer: For purposes of the PPP’s 500 or fewer employee size standard, an applicant must count all of its employees and the employees of its U.S and foreign affiliates, absent a waiver of or an exception to the affiliation rules. (You can learn more on page 106 of the, Standard Operating Procedures for Disaster Loans, But the CARES Act doesn’t waive all affiliation rules for PPP loans. For purposes of the determining the number of employees of a small business seeking eligibility to apply for either a PPP loan or an EIDL, the SBA Affiliation Rules require employees of both the small business concern filing the loan application and any ‘affiliated’ business concerns to be aggregated. Bobby – Talk to your lender. PPP loan and EIDL loan rules prohibit multiple loans under the same program for the same entity. If the business is approved, they may take either the EIDL loan or Treasury has provided a more readable, two-page summary. Overall, the SBA affiliation rules are broader than typical affiliation rules. Setting up an account: You need a SBA Loan # to set up an account - for EIDL it appears on the first page of your documents, in the upper left hand area, and says "SBA Loan # XXXXXXXXXX.” SBA loan #'s are 10 digits. Learn about the four tests for affiliation and how they apply to participants in the Paycheck Protection Program. Read more about that legislation and apply for a new PPP loan, These provide up to 2.5 times average monthly payroll. In addition, in the case of PPP and EIDL loans, there are other specific requirements that come into play. - According to SBA’s guide to size and affiliation rules, when calculating the size of your business, you must include the annual receipts and employees of your domestic and for… You should contact legal counsel familiar with the SBA’s affiliation rules and both programs to make the ultimate decision as to your eligibility for an EIDL or under the PPP. 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