On April 2, 2020, The U.S. Treasury Department released an “interim final rule” promulgated by the Small Business Administration (SBA) addressing implementation of the Paycheck Protection Program (PPP) established under the recently enacted CARES Act. On Friday, April 3, 2020, the SBA released guidelines and an interim final rule regarding PPP affiliation rules. These documents answered some of the questions our clients have been asking about the PPP, while still leaving many others still unanswered. This Alert includes highlights of the new information that came out on April 2 and 3, links to applicable information, and is a supplement to our March 31 and March 29 Client Alerts on this topic. The Alert can be found here.
Client Alert: Paycheck Protection Program Update – April 4, 2020
