Tax Alert: SBA and Treasury Issue Guidance for Paycheck Protection Program
Yesterday, the United States Department of the Treasury (“Treasury”) and the Small Business Administration (“SBA”) issued guidance for lenders and borrowers for the Paycheck Protection Program (“PPP”) which was created under the CARES Act. As a reminder, the program is intended to deploy $350 billion in federal funding through qualified lenders to small businesses and other qualified borrowers who have been impacted by the COVID-19 pandemic.
We recently shared a tax alert discussing the new act and its many implications.