Contact

Town of St. Pauls

210 W. Blue Street 

St. Pauls, NC  28384

Rodney@stpaulsnc.gov

Phone: 910-865-5165 

Fax: 910-865-3849

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Copyright © Town of St. Pauls, NC. | 210 West Blue Street, North Carolina 28384 | 910-865-5164  | Town of St. Pauls, NC

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March 31, 2020

Inside the CARES Act: COVID-19 Loan
Forgiveness Relief—a Section 1106
Primer
Article By
Julie M. Macomb
Norris McLaughlin P.A.
Business Law Blog
Election Law / Legislative News
Corporate & Business Organizations
Financial Institutions & Banking
Coronavirus News
All Fed...

March 31, 2020

ANNUAL PERFORMANCE REPORT

2019

  1. GENERAL INFORMATION

FACILITY/SYSTEM NAME: ST PAULS WASTE WATER TREATMENT PLANT/COLLECTIONS

RESPONSIBLE PARTY: THE TOWN OF ST PAULS

ORC WWTP: TIMOTHY LYDE 910-865-5164

APLICABLE PERMITS: NC0020095, WQCS00187

DESCRIPTION OF TREAMENT PLANT/C...

Inside the CARES Act: COVID-19 Loan Forgiveness Relief—a Section 1106 Primer Article By Julie M. Macomb Norris McLaughlin P.A. Business Law Blog Election Law / Legislative News Corporate & Business Organizations Financial Institutions & Banking Coronavirus News All Federal Sunday, March 29, 2020 Section 1106 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act provides loan forgiveness for certain qualifying Small Business Administration (SBA) loans. A “covered loan” is a loan added under new Section 7(a)(36) of the Small Business Act, which was added by the CARES Act itself. In addition to being a “covered loan,” the loan must be for a “covered period,” which is defined as the first eight weeks following the original of a covered loan. CARES Act Loan Forgiveness Specifically, the following items of indebtedness listed below are forgiven if they are made during the covered period. Additionally, the forgiveness may possibly be excluded from gross income. However, the amount forgiven cannot exceed the principal amount of the loan. The items include: 1 Payroll costs Interest payments on covered mortgages Rent Utility payments The amount forgiven will be reduced if the business has had employee layoffs or reductions to employee salaries and wages. Forgiveness Reduction Formula for Employee Layoffs This formula can only reduce the amount forgiven and cannot increase it. Employers with seasonal laborers are given a slightly different formula to determine the average number of employees. The reduction formula for employee salaries and wages is simpler and the amount forgiven is reduced by the amount of any reduction in salary or wages of any employee during the covered period, which is in excess of 25% of total salary and wages for the most recent quarter for that employee. For purposes of this formula, employees earning over $100,000 per year are excluded. If an employer rehires the employees or raises salaries and wages back to their prior level by June 30, 2020, the reduction formula above does not consider such reductions. Applying for CARES Act Loan Forgiveness Businesses who want to apply for loan forgiveness under this program need to submit supporting documentation to their lender, including proof of verification of employees, proof of utility payments, rent, and other documents to substantiate 2 their expenses. The lender must provide a decision within 60 days of receiving the application and supporting documentation. If approved, the SBA Administrator must remit payment (plus interest) to the lender within 90 days. Any amount forgiven under the CARES Act that would ordinarily be includible as gross income to the borrower for federal tax purposes is excluded from gross income. ©2020 Norris McLaughlin P.A., All Rights Reserved Source URL: https://www.natlawreview.com/article/inside-cares-act-covid-19-loanforgiveness-relief-section-1106-primer 3

March 31, 2020

March 17, 2020

Local Rabies Clinic

As a pet owner you should feel the need to do whatever is best for your pet. There are basics to taking care of a

pet and their rabies shots are one of them. If you love

your pet, you should come on down to the St.

Pauls Police Department and get your r...

March 16, 2020


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April 16, 2018

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