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April 23, 2020 - 

SBA & Treasury Issue Important New PPP Loan Guidance; Puts Borrowers on Notice of “Good Faith” Need for PPP Loans

New guidance from the U.S. Small Business Administration (SBA) and Department of the Treasury puts Paycheck Protection Program (PPP) borrowers and potential borrowers on notice that they should be able to prove in “good faith” that “[c]current economic uncertainty makes this loan request necessary to support [their] ongoing operations” to be eligible for the loan. The guidance specifically uses the example that it would be “unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate [emphasis added] to SBA, upon request, the basis for its certification.” This appears to be a warning to PPP borrowers of the possibility of federal audits and investigations to come. The guidance goes on to state that any “borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith.”  For more information, see question #31 of the guidance(link is external) found here.

Excerpt from SBA Statement issued 4/24/2020; Question #31:

 As of April 24, 2020

PAYCHECK PROTECTION PROGRAM LOANS Frequently Asked Questions (FAQs)

The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act).  This document will be updated on a regular basis.

 Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rules (“PPP Interim Final Rules”) (link).  The U.S. government will not challenge lender PPP actions that conform to this guidance,1 and to the PPP Interim Final Rules and any subsequent rulemaking in effect at the time.

Question:  Do businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan?

 Answer:  In addition to reviewing applicable affiliation rules to determine eligibility, all borrowers must assess their economic need for a PPP loan under the standard established by the CARES Act and the PPP regulations at the time of the loan application.  Although the CARES Act suspends the ordinary requirement that borrowers must be unable to obtain credit elsewhere (as defined in section 3(h) of the Small Business Act), borrowers still must certify in good faith that their PPP loan request is necessary.  Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.”  Borrowers must make this certification in good faith, taking into account their current business activity and their ability to access other sources of liquidity sufficient to support their ongoing operations in a manner that is not significantly detrimental to the business.  For example, it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification. 

 Lenders may rely on a borrower’s certification regarding the necessity of the loan request.  Any borrower that applied for a PPP loan prior to the issuance of this guidance and repays the loan in full by May 7, 2020 will be deemed by SBA to have made the required certification in good faith.


Navigating the Current Market Conditions
If you missed the Zoom event, Navigating the Current Market Conditions, a panel discussion with veteran CCIMs yesterday you can listen to a recording of the event in the link below.  Thank you to Moderator, JP Lowe, CCIM and Panelists Scott Andrews, CCIM, Holly Buchanan, CCIM, Shane Douglas, CCIM, Brian Forrester, CCIM, Sharon Greaves, CCIM and Allen McDonald, CCIM for your time and insight!

Meeting Recording

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April 17, 2020 - 
Congratulations
to the Middle Tennessee CCIM Chapter for being awarded 2nd Place winner of the 2019 President's Cup in Tier 2 during the Institute's midyear governance meetings last week. Thank you to the 2019 Board, JP Lowe, CCIM, 2019 President, Brian Forrester, CCIM, 2020 President, Angela Heering, CCIM, 2020 President Elect and Allen Bolden, CCIM, Treasurer, for your leadership and to all 2019 chapter members for making 2019 a fantastic year!


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From the CCIM INSTITUTE:


CCIM Institute is committed to the health and safety of our members, course participants, instructors, and staff. 

CCIM Institute prepared a resource page for commercial real estate professionals to provide additional professional guidance around this issue. This page will be updated as more information becomes available: https://www.ccim.com/covid-19/

We encourage you to monitor the information provided by the Centers for Disease Control and Prevention (CDC) and World Health Organization (WHO) for the ongoing safety of you and your family.
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February 18, 2020 - Breakfast Club - Broker Showcase

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More than 40 brokers gathered at Maggiano's for breakfast to pitch their hottest listings and network with other movers and shakers in the market on February 18, 2020. We hope you will make plans to join us in the future to pitch your property or simply come to network and stay up to date with the latest projects in the region.
 
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January 9, 2020 - 2019 Scholarships presented

The Middle Tennessee CCIM Chapter presented recipients with the 21 Scholarships that were awarded in 2019 during our first luncheon last week.





















































HG Hill Endowment Scholarship
- Billy Brown
Richard Fulton Endowment Scholarship
- Hurston Reed
Jim Dunn Endowment Scholarship - Sarah James
Monte Turner Endowment Scholarship - Claire Fox
CoStar Power Partner Scholarship - Peter Shea
Fifth Third Bank Power Partner Scholarship - Joshua Hurt
HG Hill Realty Power Partner Scholarship - Abigail Rieck

Chapter Scholarships - Jeremiah Jaskulski, Tyler King, Jennifer Koss, Tad Wood, Brian Casey, Nikko Sansone, Lee Black, John Rogers, Michael Allen, Randy Holland, Michael Turley, Chris Huskey, Elliott Morrissey, and Reid Manglesdorf
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December 17, 2019 - 2020 Chapter Officers Installed

On December 17, 2019 our chapter leadership hosted an appreciation lunch to honor and thank our 2019 sponsors and all the past presidents for their support and leadership. Their leadership and support are what has built our chapter into what it is today, and we are so grateful!  We look forward to continuing to serve our members in the new year!

2020 Chapter Officers were installed during the recent appreciation lunch held in honor of our amazing sponsors and past presidents. Pictured here from left to right: JP Lowe, CCIM - 2019 Chapter President, Brian Forrester, CCIM - 2020 Chapter President, Angela Heering, CCIM - 2020 Chapter President Elect and David Rosenblum, CCIM - 2020 Chapter Secretary.   Not pictured: Allen Bolden, CCIM - 2020 Chapter Treasurer.

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About CCIM Middle Tennessee Chapter

The Middle Tennessee Chapter is the local liaison and host for the Certified Commercial Investment Member (CCIM) National Institute. Our members are among the most educated and experienced commercial real estate professionals in the State of Tennessee. The Middle Tennessee CCIM Chapter provides networking, education and technology opportunities for local commercial real estate professionals and entities. Our offerings are open to all companies and individuals associated with commercial real estate.


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