drum corps activity and PPP

[oldestoftheold]

Does anyone in the know if DCI or specific corps applied for and received a loan via the Paycheck Protection Program? 

[garfield]

Almost all of them did.

[PioneerWebmaster]

You can search the loan data and see which organizations received loans.  BDPA and DCI did, but I didn't go much past there in my searches.

https://pppreport.org/

[Jeff Ream]

if they were smart they tried

[IllianaLancerContra]

9 hours ago, Jeff Ream said:

if they were smart they tried

 

11 hours ago, PioneerWebmaster said:

You can search the loan data and see which organizations received loans.  BDPA and DCI did, but I didn't go much past there in my searches.

https://pppreport.org/

I found these 3.  There may be more, depending on where and under what name the Corps fall under.

YEA - $150K-350K

BD performing Arts -$350K-$1M

Vanguard Music &Performing Arts  - $350 -$1M

 

I realize YEA & Cadets divorced -this was during the PPP program so not sure how timing lines up.

I suppose that for now the PPP$ are a good thing to keep that Corps heads above the water, but these are loans & at some point will need to be paid back, although I also understand that they may morph into grants; not sure how that will work.

[craiga]

As long as they have actual paid employees, they absolutely should have applied for it. My understanding is that these loans were using a formula and  designed to cover 90 days of rent, utilities, payroll and employee benefits, and as long as the employees weren't laid off, or if furloughed, they were able to return to work within a certain time frame, the loans were to become grants.

Edited July 8, 2020 by craiga

[garfield]

47 minutes ago, craiga said:

As long as they have actual paid employees, they absolutely should have applied for it. My understanding is that these loans were using a formula and  designed to cover 90 days of rent, utilities, payroll and employee benefits, and as long as the employees weren't laid off, or if furloughed, they were able to return to work within a certain time frame, the loans were to become grants.

The pppreport.org link is incomplete.

DCI is listed as having received between $150k to $350k.

There were also pure loans at low interest rates that are not related to employees. 

Edited July 8, 2020 by garfield

[troopers1]

Regarding repayment vs. grant of the PPP:

The money will be converted to a grant as long as you do the following within the required timeframe: 

- Spend at least 60% on payroll

- Be sure to carefully use any non-payroll funds on other expenses.  For instance, rent.

- Restore your full time equivalents to their pre-crisis levels.  But rules are pretty generous on this in regards to how you count part-time employees

The timeframe to use the funds is:

- 24 weeks - for loans approved on/after June 5

- 8 or 24 weeks - for loans approved before June 5.  At the option of the borrower

If you don't meet all the foregiveness requirements, your forgiveness is reduced by some percentage, it's not all or nothing.

For money you don't get forgiven, you have 2 year (prior to June 5) or 5 year (after June 5, or if you can get the lender to agree) payment plan at 1%.  You can just give back the unforgiven amount at no penalty if you don't want the loan.

 

There are also PPP rules you have to pay attention to if you also receive an EIDL SBA loan.  If anyone wants to geek out on those, we can.