首先,CARES Act仅适用于“covered properties”。那么何为covered properties?法案对此的定义为:Properties that participate in a federal housing program,即参与联邦住房计划的房地产,以及properties that have a "federally backed mortgage loan" or "federally backed multi-family mortgage loan",即由联邦政府保证贷款...
Ultimately, the key point is that the CARES Act is a historic emergency relief program for Americans and provides much-needed assistance for those affected by the pandemic and the resulting economic damage. And with changes in tax laws come planning opportunities for clients. However,...
The government’s mortgage bailout program ispart of the CARES Act, a relief package passed by Congress on March 27 to help Americans who are struggling with loans that are backed by Fannie Mae, Freddie Mac, the FHA, VA or the USDA, which make up about three-quarters of the mortgage ma...
or Act) was signed into law. The Act provides much-needed financial relief to businesses in the United States. While most of the aid is limited to U.S.-based businesses, nothing released to date suggests that U.S.-incorporated subsidiaries of foreign companies will not be eligible. The ...
In addition to uses already allowed under the SBA’s Business Loan Program, permitted uses for the PPP Loans are: (a) Payroll costs (as defined below); (b) Interest on mortgage obligations; (c) Rent; (d) Utilities; and (e) Interest on any other debt obligations incurred before the cov...
Borrowers certify to the lender, in good faith, to use funds to retain workers, maintain payroll and other obligations, including mortgage payments, rent under a lease agreement and utilities Loan terms Maximum loan is the lesser of (1) $10 million, OR (2) the average monthly payroll for ...
President Donald Trump signed the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act) into law on March 27. The CARES Act aims to offer economic relief to companies and their employees due to the coronavirus (COVID-19)
“Eligible Business” as a United States business that has not otherwise received adequate economic relief in the form of loans or loan guarantees provided under this Act. This Section also defines a “State” as any of the several States, the District of Columbia, any of the territories an...
or make mortgage, lease or utility payments; (iii) the recipient does not have another loan application pending under the CARES Act; and (iv) the recipient has not received amounts under the CARES Act for the same purpose before December 31, 2020 and was in operation as of February 15, ...
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program (the “PPP”) with an initial $349 billion in funding and the goal of preventing job loss and small businesses failure due to losses...