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Businesses may need to “social distance” for payroll protection loans
 
For the past several weeks I have been closely following the legislation and rule making concerning the CARES Act, payroll protection loans, and related provisions.  One of the most confusing is how attribution/affiliation rules apply to companies that want to take out payroll protection loans.  Two interesting issues that that I’ve seen are:
Can the owner of an operating business use payroll protection loan proceeds to pay rent (a covered expense) to her affiliate real estate holding company? Can VC-backed start-ups, that would qualify as small businesses if they were stand-alone companies, apply for payroll protection loans? Before attempting to answer these questions, we have to know a little about SBA’s rules concerning ownership attribution and affiliation.  First, these rules are complex, and fact driven. Thus, the following general guidelines need to be analyzed in light of a specific business.  However, typically, a company is an affiliate of another company, and the affiliates employee count will be added to the number of employees of the business applying for the payroll protection loan if: (a) there is 50% or more control of voting stock (or equity); (b) less than 50% control, but holding a blocking position due to control of a block ... more

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