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What Is Life After Coronavirus? Navigating PPP Forgiveness & Intro To Main Street Lending Program

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Join us to learn the most up-to-date details and information into the PPP program and how to navigate PPP loan forgiveness. We will also discuss how you can start tracking your expenses during the 8-week period following receipt of your loan proceeds in the areas of payroll costs, mortgage interest, rent, and utilities. Additionally, we will touch on the requirements and attestations of the Main Street Lending Program. Don't miss this interactive presentation!

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What Is Life After Coronavirus? Navigating PPP Forgiveness & Intro To Main Street Lending Program

  1. 1. Main Street Lending Program Run by US Dept. of Treasury through Banks Minimum Loan Size - $1million Eligible Loan Amount – 4x 2019 EBITDA less sum of existing outstanding debt + committed/undrawn credit Terms  4 yr maturity; P&I deferred for 1 year  Rate: SOFR + 250-400 bps  Unsecured Required Attestations:  Proceeds may not be used to pay down other debt  May not cancel or reduce existing credit lines  Payment of Dividends or Distributions prohibited  Borrower will make ‘reasonable efforts’ to maintain payroll  Exec compensation limits
  2. 2. Main Street Lending Program Company must be in good financial standing prior to the crisis - creditworthy Fewer than 10,000 employees or 2.5B in revenue Firms that have taken advantage of the PPP may also take out Main Street loans Must be a business that is created or organized in the United States or under the laws of the United States with significant operations in and a majority of its employees based in the United States Origination fee: 1% of loan amount No prepayment penalty
  3. 3. Final Questions? Paul W. McEwan CPA, MTax, AIFA Principal Retirement Plan Services Group 330.308.6827 paul.mcewan@reacpa.com Doug Houser, CPA, MBA, CEPA Director of Construction & Real Estate Services (614) 314-5937 Doug.Houser@reacpa.com https://home.treasury.gov/policy-issues/cares/assistance-for-small-businessesAdditional Resources:

Join us to learn the most up-to-date details and information into the PPP program and how to navigate PPP loan forgiveness. We will also discuss how you can start tracking your expenses during the 8-week period following receipt of your loan proceeds in the areas of payroll costs, mortgage interest, rent, and utilities. Additionally, we will touch on the requirements and attestations of the Main Street Lending Program. Don't miss this interactive presentation!

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