Sheet Metal & Air Conditioning Contractors’ National Association

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New SMACNA PPP FAQ Related to Loan Forgiveness Questionnaires

Jan 21, 2021

PPP FAQs-1218622411 600x400The latest update to SMACNA’s PPP FAQs includes the addition of questions 101–114 and address the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, which was included as part of the Consolidated Appropriations Act, 2021. The Act was passed by Congress on December 21, 2020 and signed into law by the president on December 27, 2020.

FAQ #101: Has the SBA issued any guidance for the new PPP loans and second draw PPP loans?

FAQ #102: Are there specific forms for the second round of PPP loans?

FAQ #103: What does the new interim final rule implementing the Economic Aid Act changes to PPP loans tell borrowers?

FAQ #104: What are the loan conditions for the second round of funding?

FAQ #105: When will the SBA start accepting applications for the second round of PPP loans?

FAQ #106: If a partnership received a PPP loan that did not include any compensation for its partners, can the loan amount be increased to include partner compensation?

FAQ #107: If a seasonal employer received a PPP loan before December 27, 2020, can the loan amount be increased based on a revised calculation of the maximum loan amount?

FAQ #108: What other PPP borrowers can reapply or request an increase in their PPP loan amount?

FAQ #109: When must eligible borrowers have spent all of their PPP loan proceeds in order to receive a second draw PPP loan?

FAQ #110: How and when do applicants for second draw PPP loans submit documentation showing the required decline in gross receipts?

FAQ #111: Are borrowers with unresolved issues regarding their first draw PPP loans eligible for second draw PPP loans?

FAQ #112: For purposes of second draw PPP loans, what constitutes "gross receipts"?

FAQ #113: How are gross receipts for affiliates calculated?

FAQ #114: Are there additional certifications necessary for the second draw PPP loans?

Additionally, the following FAQs have also been updated:

  1. FAQ #4: A clarification on types of insurance included in “payroll costs.”

  2. FAQ #32: A clarification on the covered period and alternative covered period.

  3. FAQ #33: A clarification on the costs eligible for forgiveness.

  4. FAQ #94: An expansion on gross receipts.

  5. FAQ #97: A clarification on affiliation rules.

Download the latest SMACNA Paycheck Protection Program FAQs (last updated 01/15/2021).