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!

Business

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

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

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:

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