Paycheck Protection Program: House Vote
On Tuesday, the Senate passed the Paycheck Protection Program and Health Care Enhancement Act, which will provide an additional $310 billion in funding for the PPP. The House will vote on this bill today and the President is expected to sign it shortly thereafter. The text of the bill can be found here.
Paycheck Protection Program: New Treasury FAQ
The Treasury added one additional FAQ today addressing larger employers who obtain a PPP loan. Importantly, the Treasury has indicated that large employers who obtain loans must certify that their loan request was necessary to support the ongoing operations of the company. Clients can view the whole FAQ question here.
New Spanish Version SBA Website
The Small Business Administration (SBA) released its coronavirus website translated into Spanish for Spanish speaking business owners. This new website can be found here. The SBA’s press release about this website can be found here.
The coronavirus has created many issues for employers to navigate. You can find MBA’s updates on these issues by going here. MBA will continue to update you as the coronavirus pandemic continues to impact employers.