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April Veilleux - Search Fund Alliance
Hi All, please feel free to send me your questions directly via private chat. Thanks!
Hi Chris, you mentioned that employees through PEOs are most likely included in the calc. Is there any guidance around on-shore vs. off-shore employees?
Frank van Lint - member
Do you have to put the money from the PPP in a special bank account to demonstrate how you used it. If it goes into the checking account it mixes with other money and difficult to say how you used that PP money.
Hello, question: has any guidance been released on how to define whether or not a business can attest to the following sentence in the PPP application: "Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."
Clayton, we are using self certification of this in our process, yes
Atta, off-shore employees ae not eligible for PPP, but PEO on-shore employees are
Does the 20% ownership affiliate rule apply to entities or just individuals? In the case where the "search fund" entity owns >20% of the "operating entity" applying for the PPP, how is that viewed with respect to the affiliate rule? (these are two separate LLCs)
Seena, SBA requires us to drill down to invidual % ownership
So if there are no individuals owning the LLC that is applying for the PPP, then does the affiliate rule not apply?
Seena, sorry to confuse you. We'd drill down through all entities to get to the individual owners
So we would have to "peel the onion" into each entity and what ownership each individual has at the "search fund" entity to determine if they have >20% in the "operating entity"?
Seena, yes, that is correct
There's an alternative to the PPP forgivable loan, that is a 10,000 retention tax credit for keeping people employed...should we be looking at that instead of the PPP forgivable loan?
It's the section 2301 Refundable Employee Retention Tax Credit...is it a better alternative?
anyone aware of AWS helping with payment terms?
Generous of the insurance guys to share their float . . .
If there's a corporation in between the search fund entity and the operating company, do we have to describe our total ownership structure, including C corps and LLCs in the middle of the ownership structure? Or can we just go straight to the search fund entity regarding the paperwork?
Meghanne, the SBA peels the onion all the way down to every individual's % ownership. You may want to create an org chart to demonstrate