Hey Small Business Owners...What are you doing to ride the storm out?

[mililo4cpa]

Originally Posted by O.city

Thanks man I appreciate it

I keep going through the bill over and over, looking for something that either helps or hurts your cause. I certainly didn't see anything that hurts your cause, but the help side isn't really definitive.

So, I'm going to speculate a little bit here:
in the "definitions" section of the PPP, it states "the term ‘eligible recipient’ means an individual or entity that is eligible to receive a covered loan"....I would think that the business entity itself meets this requirement, as you are filing on behalf of the business....

Later on (after reading through much legal mumbo jumbo), there is a "Considerations" section that states
"In evaluating the eligibility of a borrower for a covered loan with the terms described in this paragraph, a lender shall consider whether the borrower—(aa) was in operation on February 15, 2020; and (bb)(AA) had employees for whom the borrower paid salaries and payroll taxes; or (BB) paid independent contractors, as reported on a Form 1099–MISC.

Again, if I'm evaluating looking at it as an eligilble business entity as the borrower, and that entity was in existence before Feb 15th, and had employees who were paid salaries and payroll, then it'd fit.

Nothing I'm saying above is definitive, but again, my gut is that you'll be able to include that location in with your loan app....talk with your banker for sure, because, again, it wouldn't make sense to not fund that portion, which means (likely) people are out of work)...