Everything You Need to Know about PPP Loans - Febr, 2021 1:00 pm C - The University Station Alliance
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Everything You Need to Know
about PPP Loans
Febr, 2021 1:00 pm C
PPP Panel Speakers
Joni Lupovitz, Senior Director, Public Policy, NPR
Alexander Price, Chief Strategy Officer, Citizens State Bank, Ouray, CO
Doug Price, President/CEO, Citizens State Bank, Ouray, CO
Mike Savage, General Manager, WEKU, Richmond, KY
Steve White, Lead Lender Relations Specialist, SBA, Denver, CO
Moderator: Virginia Dambach, Executive Director, University: Station Alliance
SBA Paycheck Protection
Program
Expanded Eligibility for Public
Broadcasters & University
Licensees
Consolidated Appropriations Act,
2021
(signed Dec. 27, 2020)
Government funding + COVID relief
POLICY & REPRESENTATIONH. R. 133
Division N: Additional Coronavirus Response & Relief
Title III: Continuing the Paycheck Protection Program and Other
Small Business Support
“Economic Aid to Hard-Hit Small Businesses, Nonprofits, and
Venues Act”
New law expands eligibility for
forgivable PPP loans for public
broadcasters, including public
and private college and
university licensees, regardless
of size or affiliation.
POLICY & REPRESENTATIONNew law waives SBA affiliation rule for nonprofit 501(c)(3) public radio and TV stations POLICY & REPRESENTATION
SBA PAYCHECK PROTECTION PROGRAM LOANS As of January 29, 2021
Frequently Asked Questions (FAQs) FAQs 1 – 53 are in the process of being revised and do not yet reflect changes made by the
Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act enacted on
➢ New questions published January 29, 2021
December 27, 2020.
➢ Borrowers & lenders may rely on this guidance as 55. Question: For purposes of Bank Secrecy Act/Anti-Money Laundering compliance, can a
PPP lender rely on the same information received from a borrower for the purposes of a
SBA’s interpretation of the “PPP Interim Final
First Draw PPP Loan for a Second Draw PPP Loan to that same borrower?
Answer: The information a lender obtained from a borrower in connection with a First
Rules”
Draw PPP Loan can be relied upon by that lender for a Second Draw PPP Loan
application, if the borrower is an existing customer. Decisions regarding the updating of
customer due diligence and the verification and updating of the beneficial ownership
information collected from customers should be made consistent with the guidance for
both existing customers and new customers set forth in the previous April 2020 FAQs
and in this FAQ, and pursuant to the lender’s risk-based approach to Bank Secrecy Act
compliance.
56. Question: How does the 500-employee limit for First Draw PPP Loans 56. Question: How does the 500-employee limit for First Draw PPP Loans and the 300-
employee limit for Second Draw PPP Loans apply to a public broadcasting station if a
and the 300- employee limit for Second Draw PPP Loans apply to a college or university operates or holds the license for the station and the station is not a
separate legal entity?
public broadcasting station if a college or university operates or holds
Answer: Subsection B.1.g.vi of the consolidated interim final rule implementing updates
the license for the station and the station is not a separate legal entity? to the PPP, 86 FR 3692 (Jan. 14, 2021), and subsection c.4 of the interim final rule for
Second Draw PPP Loans, 86 FR 3712 (Jan. 14. 2021), apply the 500- and 300-employee
limits, respectively, based on the number of employees “per location” of the public
Answer: Subsection B.1.g.vi of the consolidated interim final rule broadcasting station. This limit on the number of employees per location applies to the
public broadcasting station itself and does not include other employees of a college or
university that operates or holds the license for the station. 30
implementing updates to the PPP, 86 FR 3692 (Jan. 14, 2021), and
subsection c.4 of the interim final rule for Second Draw PPP Loans, 86
FR 3712 (Jan. 14. 2021), apply the 500- and 300-employee limits,
respectively, based on the number of employees “per location” of the
public broadcasting station. This limit on the number of employees
per location applies to the public broadcasting station itself and
does not include other employees of a college or university that
operates or holds the license for the station.
30
Questions 54-56 published January 29, 2021.
22
POLICY & REPRESENTATIONSBA PPP 3.0
& Program Updates
Steve White
Colorado District OfficeThe Application Basics
Keys to Success
Apply as University of Xxxxxx/DBA WABC
Use Station payroll figures
Use NAICS code 515112 – the station NAICS code is different from the
University as a whole
Approved Uses of Funds – Fully Forgivable
60% Salaries (including insurance premiums, paid leave, retirement, state
taxes but NOT FICA.
40% Utilities, mortgage interest, rent, cloud services, protective equipment to
make workers safePPP Loan Form Download first loan form at: https://www.sba.gov/document/sba-form- 2483-ppp-first-draw-borrower-application-form: Download second loan form at: https://www.sba.gov/document/sba-form-2483-sd- ppp-second-draw-borrower-application-form
Contact
Mike Savage Doug Price, President/CEO, Citizens State Bank
General Manager, WEKU dprice@csbcolorado.com
Mike.Savage@eku.edu 303-378-2141
859-622-1662
Joni Lupovitz
Steve White Senior Director, Public Policy, NPR
Lender Relations, SBA jlupovitz@npr.org
steven.white@sba.gov 202-513-3652
Alexander Price Virginia Dambach
Chief Strategy Officer, Citizens State Bank Executive Director, University: Station Alliance
aprice@csbcolorado.com virginia.dambach@us-alliance.org
303-588-2122 701-371-9771You can also read
