Congress Increases PPP Funding
The House and Senate passed legislation increasing funding for the Paycheck Protection Program (PPP) by $310 billion. The bill does not make any changes to PPP eligibility.
PPP Resources from NADA
SBA & Treasury Department Update FAQ
The SBA and Treasury Department released an updated
earlier this week. The update adds a new question, "Do businesses owned by large companies with adequate sources of liquidity to support the business's ongoing operations qualify for a PPP loan?" The answer, in part reads "Specifically, before submitting a PPP application, all borrowers should review carefully the required certification that '[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.'"
Further guidance from the SBA on PPP loan forgiveness is expected next week.