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Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations
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of the Internal Revenue Code of 1986, other than paragraph 3, 4, 6, or 19, eligible for PPP loans? 17
Yes. An organization described in any paragraph of section 501c of the Internal Revenue Code of 1986, other than paragraph 3, 4, 6, or 19 and exempt from tax under section 501a of such Code, is eligible for a PPP loan if: 1 The organization does not receive more than 15 percent of its receipts from lobbying activities; 2 the lobbying activities of the organization do not comprise more than 15 percent of the total activities of the organization; 3 the cost of the lobbying activities of the organization did not exceed $1,000,000 during the most recent tax year of the organization that ended prior to February 15, 2020; and 4 the organization employs not more than 300 employees.18
However, this does not include any organization that, if the organization were a business concern, would be described in 13
CFR 120.110 or any successor regulation or other related guidance or rule that may be issued by SBA other than a business concern described in paragraph a or k of such section. Tax-exempt organizations described in section 501c3, 501c6 and 501c19
of the Internal Revenue Code of 1986 have separate eligibility requirements described elsewhere in this rule. Tax-exempt organizations described in section 501c4
of the Internal Revenue Code of 1986 are ineligible for a PPP loan.
iv. Are internet publishing organizations eligible for PPP loans? 19
Yes. A business concern or other organization that was not eligible to receive a PPP loan before March 11, 2021, is eligible for a PPP loan if it: 1 Is assigned a NAICS
code of 519130; 2 certifies in good faith that it is an internet-only news publisher or internet-only periodical publisher; 3 is engaged in the collection and distribution of local or regional and national news and information; 4 employs not more than 500
17 This subsection was originally published at 85
FR 29847, subsection III.1. May 19, 2020 and has been revised to conform to the American Rescue Plan Act. Section 7a36Dix of the Small Business Act 15 U.S.C. 636a36Dix as amended by the American Rescue Plan Act adds additional covered nonprofit entities to the eligible entities for First Draw PPP Loans. The term additional covered nonprofit entities is defined in section 7a36Axvii as an organization described in any paragraph of section 501c of the Internal Revenue Code of 1986, other than paragraph 3, 4, 6, or 19, and exempt from tax under section 501a of such Code; and does not include any entity that, if the entity were a business concern, would be described in section 120.110 of title 13, Code of Federal Regulations or in any successor regulation or other related guidance that may be issued by the Administrator other than a business concern described in paragraph a or k of such section.
18 For such entities with more than one physical location, section 7a36DiiiIII of the Small Business Act 15 U.S.C. 636a36DiiiIII, as amended by section 5001 of the American Rescue Plan Act, provides that such entities with more than one physical location are eligible if they employ not more than 300 employees per physical location.
19 This subsection was originally published at 85
FR 35550, subsection III.1. June 11, 2020 and has been revised to conform with the American Rescue Plan Act.

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employees or the size standard in number of employees established by SBA in 13 CFR
121.201 for NAICS code 519130 per physical location; and 5 certifies in good faith that proceeds of the loan will be used to support expenses at the component of the business concern or organization that supports local or regional news.20

To implement the American Rescue Plan Act provision that allows businesses to receive both a Shuttered Venue Operator SVO Grant and a PPP
loan under certain conditions, Part III.B.2.a.vi. of the consolidated interim final rule implementing updates to the PPP 86 FR 3692, 3698 is revised to read as follows:
2. What businesses, organizations, and individuals are ineligible?
a. Could I be ineligible even if I meet the eligibility requirements in section 1? 28
You are ineligible for a PPP loan if, for example:

vi. You or your business have been approved for a grant under the Shuttered Venue Operator SVO Grant Program under section 324 of the Economic Aid Act. If you receive a PPP loan after December 27, 2020
and you are subsequently approved for an SVO grant, the amount of the SVO grant received will be reduced by the amount of a First Draw or Second Draw PPP Loan. If you receive both a First Draw and Second Draw PPP Loan after December 27, 2020 and you are subsequently approved for an SVO grant, the SVO grant will be reduced by the combined amounts of both PPP loans. A PPP
loan received before December 27, 2020 will not reduce the amount of the SVO grant. 30

As noted above, the American Rescue Plan Act added affiliation waivers for certain eligible organizations with respect to PPP loans. To implement the additional affiliation waiver applicable to eligible internet publishing organizations, the parenthetical at the end of Part III.B.2.a.viii. of the consolidated interim final rule implementing updates to the PPP 86 FR
3692, 3698 is revised to include a reference to B.1.g.iv, which describes the conditions under which such internet publishing companies are eligible. Therefore, Part III.B.2.a.viii of the consolidated interim final rule implementing updates to the PPP, as 20 See section 7a36DiiiIV of the Small Business Act as amended by the American Rescue Plan Act.
28 This subsection was originally published at 85
FR 20811, subsection III.2.a. April 15, 2020, and amended by 85 FR 36308 June 16, 2020, 85 FR
36717 June 18, 2020, 85 FR 38301 June 26, 2020, and 86 FR 13149 March 8, 2021, and has been modified to conform to subsequent interim final rules or guidance, the Economic Aid Act, the American Rescue Plan Act and for readability.
30 This subsection has been revised to conform to section 5005 of the American Rescue Plan Act.

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amended by this interim final rule, is revised to read as follows:

viii. Your business is an 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 32 SBA will not consider whether a news organization that is eligible under the conditions described in subsection 1.f. and 1.g.vi. or an internet publishing organization that is eligible under the conditions described in subsection 1.g.iv.
is affiliated with an entity, which includes any entity that owns or controls such news organization or internet publishing organization, that is an issuer 33;

Also, Part III.B.12.vi. of the consolidated interim final rule implementing updates to the PPP 86 FR
3692, 3706 is revised to read as follows:
12. What certifications need to be made?
On the PPP borrower application, an authorized representative of the applicant must certify in good faith to all of the below:

vi. The Applicant has not been approved for a Shuttered Venue Operator SVO grant from SBA as of the date of this loan application, and the Applicant acknowledges that if the Applicant is approved for an SVO
grant before SBA issues a loan number for this loan, the Applicant is ineligible for the loan and acceptance of any loan proceeds will be considered an unauthorized use.

Part III.B.3. of the consolidated interim final rule implementing updates to the PPP describes the affiliation rules generally applicable to PPP loans 86 FR
3692, 36983699. The American Rescue Plan Act adds affiliation waivers for certain businesses and organizations.
Therefore, footnote 40 in part III.B.3.a.
is revised to read as follows:
Paragraph 7a36Div of the Small Business Act 15 U.S.C. 636a36Div, as added by the CARES Act and amended by the Economic Aid Act and the American Rescue Plan Act, waives the affiliation rules contained in 121.103 for 1 any business concern with not more than 500 employees that, as of the date on which the loan is disbursed, is assigned a North American Industry Classification System code beginning with 72; 2 any business concern operating as a franchise that is assigned a franchise identifier code by the Administration; 3 any business concern that receives financial assistance from a company 32 Added to conform to section 342 of the Economic Aid Act, which also added the following definitions to paragraph 7a36A of the Small Business Act 15 U.S.C. 636a36A: xvi 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.
This provision applies to loans made on or after December 27, 2020.
33 See section 317 of the Economic Aid Act, as amended by section 5001 of the American Rescue Plan Act.

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