Since the passage of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Paycheck Protection Program (PPP), which provides up to $349 billion in financial assistance to businesses affected by the 2019 novel coronavirus (COVID-19) pandemic, businesses have been eagerly awaiting further guidance from the U.S. Small Business Administration (SBA) regarding the application process.
Over the past week, SBA and the U.S. Department of the Treasury have issued the following additional guidance:
SBA has not issued further guidance regarding the application of the affiliation rules. Godfrey & Kahn attorneys are waiting to see if further guidance will be issued clarifying these rules for purposes of the PPP.
If you have a media request or need an attorney with particular knowledge for comment, please contact Kyle Mondy, Marketing & Communications Manager, at 414.287.9481 or kmondy@gklaw.com.
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