Northeast States

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Hi, Natalie here. There is wealth of information to clear up confusion about the new regulations regarding PPP loans. There will probably be changes, so this is summary is based on the best information currently available. Before you take action, I encourage you to check for updated rules and make sure you are fully informed before signing any paperwork. As with any government program, there are a lot of details that need to be understood. So this may be spread out over two-to-three blogs, as my goal is to deliver this information in bite-sized chunks. For additional information, I suggest you contact your local Small Business Association (SBA). Here’s a headline of the first section from an article in Forbes magazine: “Second Draw PPP Loan Eligibility Requires that Borrower will have spent the “Full Amount” of the First Loan Before Receiving the Disbursement of the Second Loan” The title for this Act is a mouthful of legalese, but the short title is the “Economic Aid Act”. This Act states that “a Second Draw PPP Loan may only be made to an eligible borrower that (1) has received a First Draw PPP Loan, and (2) has used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower. Let’s break this down into simpler language. You have to be eligible You have received the first PPP loan You will spend 100% of the first loan before collecting any of the funds from the second PPP loan Here is some clarification from the Interim Final Rules: The borrower must have spent the full amount of its First Draw PPP Loan on eligible expenses under the PPP rules to be eligible for a Second Draw PPP Loan; and “The full amount” of the borrower’s First Draw PPP Loan includes the amount of any increase on such First Draw PPP Loan made pursuant to the Economic Aid Act. This next topic is what the definition of “Gross Receipts” is. “Gross Receipts” Defined for Purposes of Determining Whether There Has Been a 25% Drop in Revenues to Qualify for Second Draw Unfortunately, the Economic Aid Act does not include a general definition of “gross receipts” for purposes of determining a borrower’s revenue reduction. Here is what is included in gross receipts: ““All revenue in whatever form received or accrued (in accordance with the entity’s accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances.” Here is what is not included in gross receipts: “Taxes collected for and remitted to a taxing authority if included in gross or total income (such as sales or other taxes collected from customers and excluding taxes levied on the concern or its employees); Proceeds from transactions between a concern and its domestic or foreign affiliates; and Amounts collected for another by a travel agent, real estate agent, advertising agent, conference management service provider, freight forwarder or customs broker.” One additional statement regarding what may not be excluded from gross receipts has to do with contractor costs and other items under the category of “all other items”. These items include: reimbursements for purchases a contractor makes at a customer's request investment income employee-based costs such as payroll taxes Lastly for part 1, this definition of gross receipts is consistent with SBA’s size regulation 13C.F.R. 121.104. This is another great reason to check out the SBA’s website www.sba.gov or go to your local SBA office for additional information. I may be able to shed some additional light on these new rules, so contact me if you want to talk this over. View full article

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Hey guys, I haven't posted in a year or two since I sold my 39 year old tire store/repair shop. Life is wonderful [if a bit boring], and I haven't regretted my decision to sell for one second. Every month I go to the shop, say hi to all my old employees and collect the rent. Anyway, today I experienced the other side of the counter and it wasn't pleasant. I still have my vehicles serviced at my old place when back in Ohio and they treat me like part of their team. But when at my condo in Florida I don't have that luxury. I have my 2002 Mini Cooper down here and it was due for an oil change. Additionally, the check engine light had come on last weekend and there was a belt chirp. I called the shop my friend had suggested [they specialize in BMWs] to make an appointment. I asked for a morning appointment and explained that my friend would pick me up and we would find something to do for a few hours. When I dropped the car off I explained that the check engine light had gone off but I still wanted them to pull the codes. So I left thinking oil change, pull codes, change belt ....... figured they'd call me by 10;30? to get authorization for the belt. Well at 1:52 I hadn't heard from them so I called them to see what was up. They said the oil change was done, and the tech was pulling the codes. I asked about the belt chirp and she said she didn't know so she put me on hold and went to check. When she came back on the phone she said they hadn't looked at the belt issue yet. I voiced my displeasure explaining that when I ran my shop if a customer had a 9AM appointment for the services I requested we would be calling them with a report within an hour or two. Her reply was "we don't do things that way here". She said she would call me when they knew more. I finally got a call at 3:48PM. She explained the codes they had pulled and then said they agreed it needed a new belt and they thought they should also have a tensioner on hand in case they needed that as well. She said they could order the parts and I could make another appointment to have them installed. REALLY? I had a 9AM appointment for an oil change, codes pulled, and most likely a new belt installed and they couldn't get that done in 7 hours, 6 if you take an hour out for lunch? The shop is 35 minutes away and they don't have loaners so another appointment is a pain. I don't think I will be going back. I nearly broke my long standing rule of never posting a bad review about a business but I just can't do that. I'm getting rid of some of my frustration by telling you guys about it. If any of you guys are in my area I'm looking for someone to service my Mini. I am in Fort Myers Beach and would to like to find someone in the Naples area.

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