Paycheck Protection Program. The Company has not applied for or obtained any loan or other Indebtedness or amount pursuant to or in connection with the CARES Act (including the Paycheck Protection Program and any other programs established thereby) or any other COVID-19 related Law.
Paycheck Protection Program. Vendor certifies that it has not received or been issued a Paycheck Protection Program loan from the U.S. Small Business Administration. Vendor certifies, represents and warrants that the certification made by Vendor herein is true and correct. Vendor understands that knowingly making a false statement and/or inaccurate disclosure herein may subject Vendor to debarment.
Paycheck Protection Program. If, as of the Closing Date, a Contributor has any outstanding loan or loans issued pursuant to the Small Business Administration’s Paycheck Protection Program (“PPP”), the balance for which has not been paid to the PPP lender or forgiven pursuant to the PPP, then such Contributor must escrow any outstanding loan balance with its PPP lender pursuant to SBA Notice 10-2-20 and any updated guidance.
Paycheck Protection Program. Consultant may have received loan funds or may have received or may receive Forgiveness pursuant to the provisions of Section 1106 of the CARES Act. For any fiscal year in which Consultant or any Subconsultant recognizes Forgiveness ("Forgiveness Year"), Consultant shall deliver to County its FAR audit for the Forgiveness Year. The FAR audit for the Forgiveness Year must include, without limitation, calculations of the overhead factor and fringe benefit factor (i) including the Forgiveness ("Forgiveness Rates") and (ii)
Paycheck Protection Program. For any fiscal year of Consultant during the term of this Agreement in which Consultant or any Subconsultant recognizes Forgiveness (“Forgiveness Year”), Consultant shall deliver to County its FAR audit for the Forgiveness Year. The FAR audit for the Forgiveness Year must include, without limitation, calculations of the overhead factor and fringe benefit factor (i) including the Forgiveness (“Forgiveness Rates”), and (ii) excluding the Forgiveness. If Forgiveness is recognized by Consultant or any Subconsultant in fiscal years of Consultant after the period covered by the Initial FAR, Consultant shall submit to Contract Administrator, no later than six (6) months after the end of the Forgiveness Year, the following:
(a) FAR audit for such period; and
(b) Revised Exhibit B, Salary Costs (“Forgiveness Exhibit B”), reflecting updated overhead and fringe benefit rates that are no higher than the Forgiveness Rates. If the Forgiveness Rates are less than the rates actually paid by County for work performed during the applicable Forgiveness Year, then Consultant shall reimburse County for amounts paid by County in excess of the Forgiveness Exhibit B rates for work performed during the applicable Forgiveness Year. The Forgiveness Rates shall apply and remain in effect for any work performed by Consultant unless and until adjusted pursuant to Section 5.2.
Paycheck Protection Program. As a result of the COVID-19 pandemic, the Borrower (a) informed the Lender that the Borrower and/or its Subsidiaries desired to participate in and obtain a Small Business Loan on or about April 17, 2020 under the federal Paycheck Protection Program provided in Section 7(a) of the Small Business Act of 1953, as amended by the Coronavirus Aid, Relief, and Economic Security Act (as amended from time to time, the “PPP”), in a principal amount not to exceed an amount to be approved by the Small Business Administration (such loan in such amount, the “PPP Loan”) from a lender participating in the PPP that is acceptable to the Borrower (the “PPP Lender”). In connection therewith and as a result of the COVID-19 pandemic, the Borrower requested that the Lender: (i) consent to the incurrence by the Borrower and/or its Subsidiaries of the PPP Loan; and (ii) consent to the Borrower using the proceeds of the PPP Loan solely in accordance with and for the limited purposes set forth in the terms, provisions and guidelines of the PPP. The Lender has agreed to do so, subject to the following terms and conditions:
(a) So long as the Borrower at all times comply with the PPP Conditions (as defined herein), the Lender consents to the Borrower and/or its Subsidiaries applying for, obtaining and incurring the PPP Loan from the PPP Lender.
(b) The foregoing consent of the Lender is expressly subject to and conditioned on the continuing satisfaction of the following conditions, covenants and agreements (collectively, the “PPP Conditions”): (A) the principal amount of the PPP Loan shall not exceed the amount approved by the Small Business Administration; (B) the PPP Loan shall at all times be unsecured; (C) the Borrower shall use the proceeds of the PPP Loan solely in accordance with and for the limited purposes set forth in the terms, provisions and guidelines of the PPP; (D) the Borrower shall comply with all of the terms and guidelines of the PPP with respect to the PPP Loan; (E) the Borrower shall use its best efforts to ensure that the PPP Loan shall be forgiven in accordance with the PPP; (F) all information provided by the Borrower to the PPP Lender, the Small Business Administration or other applicable Government Authority or otherwise under or in connection with the PPP Loan shall be true in all material respects; and (G) the Borrower covenants and agrees that (x) the Borrower shall comply with the PPP Conditions, and (y) the Borrower shall upon receipt thereof, promptly (...
Paycheck Protection Program. Except as set forth in Schedule 13.29, the Seller has no Paycheck Protection Program loans nor has it requested or received any funds from the program.
Paycheck Protection Program. None of the Company Entities has applied for or received any loan pursuant to the “Paycheck Protection Program” as defined in Sections 1102 and 1106 of the CARES Act, (ii) any funds pursuant to the “Economic Injury Disaster Loan” program or an advance on an “Economic Injury Disaster Loan” pursuant to Section 1110 of the CARES Act or (iii) any similar programs in any state, local or non-U.S. jurisdiction.
Paycheck Protection Program. Provides for up to $10 million in small business loans as part of the SBA’s 7(a) loan guaranty program during the covered period of February 15, 2020 through June 30, 2020. Accomplished through new paycheck protection loans administered through the Paycheck Protection Program. • Authorizes $349,000,000,000 in loan commitments for general business loans under the 7(a) loan guarantee program. • Program generally defines eligible businesses as those with no more than 500 employees. Sole proprietors, independent contractors, and certain self-employed individuals are also included. Businesses with more than one physical location, but fewer than 500 employees at each site, in the accommodation and food services industries (i.e., classified as “Accommodation and Food Services” by NAICS), as well as tribal businesses described in section 31(b)(2)(C) of the Small Business Act with no more than 500 employees, also qualify. • Unlike other SBA programs that are limited to for-profit businesses, the measure defines eligible businesses to include nonprofit organizations, which is limited to section 501(c)(3) organizations. “Veteran organizations,” as defined in section 501(c)(19) of the Internal Revenue Code, are separately referenced outside the definition of “nonprofit organization,” but are also considered eligible. The measure extends the SBA affiliation rules to nonprofits for purposes of determining whether an entity is small enough. • The measure defines “employee” for purposes of determining whether a business employs fewer than 500 employees to include full-time, part-time, and other-basis employees. • The maximum loan amount under the 7(a) loan guaranty program has been increased to $10 million, and loaned funds may now be used for “payroll costs”; costs related to the continuation of group health care benefits, like paid sick, family, or medical leave; insurance premiums; salaries wages; commissions, cash, etc., compensation to sole proprietors or independent contractors (including commission-based compensation) up to $100,000 in 1 year, prorated for the covered period; interest on any mortgage obligation; rent; utilities; and the interest on other debt obligations. “Payroll costs” does not include individual employee compensation in excess of a salary of $100,000 per year, prorated for the covered period, compensation for an employee whose principal place of residence is outside the United States, certain taxes, and qualified sick and family leave subject to...
Paycheck Protection Program. To the extent that BFTL has originated or otherwise participated in any program or benefit created or modified by the Coronavirus Aid, Relief, and Economic Security Act, including but not limited to the Paycheck Protection Program (“PPP”), it has done such in good faith and in material compliance with all Laws governing such program, including but not limited to all regulations and guidance issued by the U.S. Department of the Treasury and/or the U.S. Small Business Administration with the respect to loans originated pursuant to or in association with the PPP. Except as disclosed on Section 4.30 of the BFTL Disclosure Memorandum, BFTL has not originated any loan under the PPP to any “insider,” as the term is defined under Regulation O (12 C.F.R. Part 215).
