The SBA issued a new Borrower Application Form as well as an Interim Final Rule regarding the Paycheck Protection Act (PPP) last night.

The interim rule clarifies computation of payroll costs. Costs that are not included when computing “Payroll Costs” for the initial loan application and for loan forgiveness are:

“Federal employment taxes imposed or withheld between February 15, 2020 and June 30, 2020, including the employer’s and employee’s share of FICA (Federal Insurance Contribution Act) and Railroad Retirement Act taxes, and income taxes required to be withheld from employees.”

The conclusion is that all federal taxes imposed or withheld during the 12-months prior to the loan may be included in payroll costs EXCEPT for the period shown above.

In addition, according to information from NADA legal department, the new employee retention credit and the ability to defer the employer’s portion of its employees’ social security payments, as included in the CARES Act, are not available if participating in the PPP.

See below for  an updated SBA Franchisor Identification Number sheet.

Please see SBA’s PPP webpage for additional information regarding the PPP.

Manufacturer

SBA Franchisor Identifier Code

Acura

S4999

Audi

S4994

Bentley

S5005

BMW

S5020

Chrysler

S2810

Cummins

S3150

Dodge

S2811

Ford (including heavy duty)

S4155

Freightliner

S5046

General Motors (all brands)

S5004

Genesis

S5034

Honda

S5000

Hyundai

S5033

Infiniti

S5017

Jaguar

S5022

Jeep

S2812

Kia

S4776

Land Rover

S5023

Lexus

S5018

Lincoln

S4156

Mack

S3407

Maserati

S5026

Mazda

S2792

Mercedes (Commercial vehicles)

S5039

Mercedes (Light truck)

S5040

Mercedes (Passenger car)

S5041

MINI

S5021

Mitsubishi

S3990

Nissan

S4995

Peterbilt

S3678

Porsche

S5014


Ram

S2813

Rolls Royce

S5016

Subaru

S2968

Toyota (TMS)

S4998

Toyota (GST)

S5006

Toyota (SET)

S5011

Volvo

S4339

Volvo (truck)

S5035

Volkswagen

S4993

Western Star

S5046

 

 Manufacturers with Applications for a Franchisor Identifier Code Pending

Alfa Romeo
Aston Martin
Fiat
Fuso
Hino
Isuzu
Kenworth
Navistar