Taxes imposed or withheld during Chapters 21, 22, or 24 of the IRC during the covered period (Feb. 15, 2020 – June 30, 2020). Borrower has a reasonable basis to believe that, as of loan origination, and after giving effect to such loan, it has the ability able to meet its financial obligations for the next 90 days. Students must meet Title IV eligibility requirements in order to receive HEERF emergency funds. No requirement for personal guarantee or collateral. Borrowers may calculate payroll costs eligible for loan forgiveness using an "Alternative Payroll Covered Period" which correlates to the borrowers' payroll cycles. Applicants may also be asked to provide documentation verifying current payrates for employees, historical numbers and payrates of employees throughout 2020, and recent monthly mortgage interest, rent, and utilities statements. Currently, 3.75%interest for small businesses and 2.75% for nonprofits. EIDLs that were obtained prior to 4/3/2020 for a PPP-loan purpose (e.g., payroll costs, rent, utilities, interest on mortgage payments and other debt obligations) will affect a PPP loan. Borrower certifies there are no conflicts of interest under CARES Act Section 4019, which prohibits Title IV funding to businesses at least 20% owned by the President, Vice President, heads of Executive Departments, and Members of Congress, or spouses, children, and sons-in-law or daughters-in-law of those individuals. Borrowers using the 24-week covered period are capped at $20,833. Be sold to the SMCCF by an "eligible seller" (a business organized in the United States or under the laws of the United States, with significant U.S. operations and a majority of U.S.-based employees, which also has no conflicts of interest under CARES Act Section 4019). PCC must verify that the student is Title IV eligible before funds can be disbursed. Any allowable use for 7(a) loans including: *Note: per Disaster Loan applications, private nonprofits are eligible if it "is a non-governmental agency or entity that currently has an effective ruling letter from the IRS granting tax exemption under sections 501(c),(d), or (e) of the Internal Revenue Code of 1954, or satisfactory evidence from the State that the nonrevenue producing organization or entity is a non-profit one organized or doing business under State law, or a faith-based organization". But, if a borrower's nonpayroll expenses straddle the covered and noncovered period and are paid after the covered period (e.g., a borrower's "covered period" ends on July 26 and its electricity expenses for July are not paid until August 10), the borrower may seek partial forgiveness of the expenses incurred during the covered period but paid on the next regular billing date (e.g., electricity expenses for July 1-26 are forgivable). The minimum MSLP New and Priority Loan Facility size is $250,000, and the maximum loan size is the lower of $35 million (for New Loans) or $50 million (for Priority Loans) or an amount that makes the borrowers total debt more than 4x earnings (for New Loans), and 6x earnings ( for Priority Loans). TABLE OF CONTENTS. The Primary Market Corporate Credit Facility ("PMCCF") buys bonds from and make loans to investment grade companies. As of May 13, 2020, this requirement no longer applies to all borrowers, only borrowers with loans greater than $2 million.

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