New Pandemic Aid Package Now in Effect, Includes $284 Billion in PPP Loans
Section 120.110 of title 13, Code of Federal Regulations, save for nonprofits and "[b]usinesses principally engaged in teaching, instructing, counseling or indoctrinating religion or religious beliefs, whether in a religious or secular setting."
* Any entity primarily engaged in political or lobbying activities—including research and advocacy—or otherwise describes itself as a think tank. Loan proceeds also cannot be used for lobbying activities.
* Any entity that is more than 20 percent owned by another entity from either the mainland People's Republic of China or Hong Kong.
* Any person required to submit a registration statement under Section 2 of the Foreign Agents Registration Act.
* Any person or entity that received a grant under the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.
In addition, MarketWatch reported that publicly traded companies are also ineligible.
Entities with more than one location are also eligible for loans, but they generally must hold to the 300-worker 25 percent loss requirement, and the entity may receive only a single loan.
The bill also puts $25 billion toward reviving the Economic Injury Disaster Loan (EIDL) Advance Program.
CPA Practice Advisor