In what might be a classic “now you tell me” scenario, the SBA issued a new rule May 21 saying that if an applicant failed to count the employees of its foreign affiliates when it was determining its eligibility, the SBA will not hold that against the applicant so long as the application was submitted before the SBA clarified that requirement.
The problem with that, however, is that because the safe harbor ended May 18, it’s highly likely that a lot of those businesses already gave their PPP loan back. They’d be forgiven for thinking they had to, as earlier this month Sen. Marco Rubio was indicating that Congress would investigate companies who took PPP funds for which they weren’t eligible.
As we said in this space a few days ago, the SBA has put in place a safe harbor until May 14 for companies to return Paycheck Protection Program loan money if they find they don’t need it. No harm, no foul.
So, what happens if they don’t need it, but don’t return it? Maybe Clubber Lang said it best.
According to reports, there is a great potential for increased government spending on Artificial Intelligence this year. Check out the video below to learn more about what this trend means for federal contracting in 2020:
UPDATE: The form this post references has been revised to ask whether the United States is the “principal place of residence for all employees of the Applicant included in the Applicant’s payroll calculation”.
When you are a business that manages parking lots and garages and then suddenly out of the blue the entire country stops leaving the house, well, you’d be excused for some despair.
But that’s not what Penn Parking, Inc., did. Instead, it decided to help. It is making face shields for doctors, nurses, and other healthcare professionals on the front lines in Maryland, where Penn Parking is located.