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Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations otherwise describes itself as a think tank in any public documents;
3 any business concern or entity:
i For which an entity created in or organized under the laws of the Peoples Republic of China or the Special Administrative Region of Hong Kong, or that has significant operations in the Peoples Republic of China or the Special Administrative Region of Hong Kong, owns or holds, directly or indirectly, not less than 20 percent of the economic interest of the business concern or entity, including as equity shares or a capital or profit interest in a limited liability company or partnership; or ii that retains, as a member of the board of directors of the business concern, a person who is a resident of the Peoples Republic of China;
4 any person required to submit a registration statement under section 2 of the Foreign Agents Registration Act of 1938 22 U.S.C. 612;
5 any person or entity that receives a grant for shuttered venue operators under section 324 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act;
6 any entity in which the President, the Vice President, the head of an Executive department, or a Member of Congress, or the spouse of such person as determined under applicable common law, directly or indirectly holds a controlling interest in the entity, where:
i controlling interest means owning, controlling, or holding not less than 20 percent, by vote or value, of the outstanding amount of any class of equity interest in an entity;
ii equity interest means:
A A share in an entity, without regard to whether the share is transferable or classified as stock or anything similar;
B a capital or profit interest in a limited liability company or partnership; or C a warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share or interest described in A or B, respectively;
iii Executive department has the meaning given the term in section 101
of title 5, United States Code;
iv Member of Congress means a Member of the Senate or House of Representatives, a Delegate to the House of Representatives, and the Resident Commissioner from Puerto Rico; and v For the purpose of determining whether a person has a controlling interest in the entity, the securities owned, controlled, or held by the President, the Vice President, the head of an Executive department, or a
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Member of Congress, shall be aggregated with the securities held by his or her spouse as determined under applicable common law;
7 any issuer, the securities of which are listed on an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 15 U.S.C. 78f, where the terms exchange, issuer, and security have the meanings given those terms in section 3a of the Securities Exchange Act of 1934 15 U.S.C. 78ca except SBA will not consider whether a news organization that is eligible under subsection c4 is affiliated with an entity, which includes any entity that owns or controls such news organization, that is an issuer;
8 an entity that has previously received a Second Draw PPP Loan; or 9 an entity that has permanently closed.
f What is the maximum loan amount for a Second Draw PPP Loan?
1 In general, the maximum loan amount for a Second Draw PPP Loan is equal to the lesser of two and half months of the borrowers average monthly payroll costs or $2 million, except as otherwise specified in this subsection e. A borrowers average monthly payroll costs may be based on calendar year 2020, calendar year 2019,36 or as otherwise specified in subsections f2 through f9 of this section. Payroll costs has the same meaning as in subsections B4g and B4h of the Consolidated First Draw PPP IFR and is calculated in the same manner. In calculating a borrowers payroll costs, the borrower must subtract any compensation paid to an employee in excess of $100,000 on an annualized basis, as prorated for the time period during which the payments are made or the obligation to make the payments is incurred.
2 Except as otherwise provided in subsection f3 through f7, the maximum amount of a Second Draw PPP Loan is calculated as the lesser of:
i The product obtained by multiplying:
A The average total monthly payment for payroll costs incurred or paid by the borrower during 2019 or 2020 at the election of the borrower; by B 2.5; or ii $2,000,000.
36 Second Draw PPP Loan borrowers who are not self-employed, sole proprietorships, or independent contractors are also permitted to use the precise 1year period before the date on which the loan is made to calculate payroll costs if they choose not to use 2019 or 2020. Since most borrowers will use 2019 or 2020 the rule text refers only to 2019 or 2020 for simplicity and readability.

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3 The maximum amount of a Second Draw PPP Loan to a borrower that is a seasonal employer meaning an employer that does not operate for more than 7 months in any calendar year or that during the preceding calendar year, had gross receipts for any 6 months of that year that were not more than 33.33
percent of the gross receipts of the employer for the other 6 months of that year is calculated as the lesser of:
i The product obtained by multiplying:
A At the election of the borrower, the average total monthly payments for payroll costs incurred or paid by the borrower for any 12-week period between February 15, 2019 and February 15, 2020; by B 2.5 or, only for a borrower assigned a NAICS code beginning with 72 at the time of disbursement as defined in subsection f10, 3.5; or ii $2,000,000.
4 The maximum amount of a Second Draw PPP Loan to a borrower that did not exist during the 1-year period preceding February 15, 2020, but was in operation on February 15, 2020 new entity, is calculated as the lesser of:
i The product obtained by multiplying:
A The quotient obtained by dividing:
1 The sum of the total monthly payments by the borrower for payroll costs paid or incurred by the borrower as of the date on which the borrower applies for the Second Draw PPP Loan;
by 2 the number of months in which those payroll costs were paid or incurred; by B 2.5 or, only for a borrower assigned a NAICS code beginning with 72 at the time of disbursement as defined in subsection f10, 3.5; or ii $2,000,000.
5 The maximum amount of a Second Draw PPP Loan made to a borrower assigned a NAICS code beginning with 72 at the time of disbursement as defined in subsection f10 that is not a seasonal employer or new entity addressed in subsection f3 or f4 or a borrower with self-employment income or a partnership addressed in subsection f7 or f8 of this section is calculated as the lesser of:
i The product obtained by multiplying:
A The average total monthly payment for payroll costs incurred or paid by the borrower during either 2019
or 2020 at the borrowers election by B 3.5; or ii $2,000,000.
6 i The maximum amount of a Second Draw PPP Loan to a farmer or rancher that:

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