|
C IL | The affiliate rules appear to be to keep you from splitting your businesses up to get below the SBA size limits. You have to be a 50% owner or own, say, own a 20% block where everyone else owns 2% or less and exercise ‘significant control’ to even be an affiliate.
Firstly, those rules are being significantly relaxed in an effort to keep people employed, per the commentators.
Secondly, there does appear to be some question as to whether you add multiple sole proprietor businesses into one application or submit separate applications.
So good questions. I believe an S-Corp would be considered a separate legal entity. I am a manager and member of one, a member of another as well as a sole proprietor of my farm, so I currently plan on submitting two applications and maybe receiving information regarding the third application from that manager. The combined sizes fall well under SBA limits so I don’t have any serious concerns regarding affiliate rules unless the FAQ’s or new guidance introduce new issues. | |
|
SBA PPP loan?
