Paycheck Protection Program: House Vote
President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act, which will provide an additional $310 billion in funding for the PPP. The bill also provides additional funding for disaster and EIDL loans and funds for hospitals and testing. The text of the bill can be found here.
Paycheck Protection Program: New SBA Interim Final Rule
The Small Business Administration (SBA) released the Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliations, and Eligibility today. This rule provides a limited safe harbor for businesses who should not have taken out PPP loans. These businesses have until May 7, 2020 to return the funds. The rule also disqualifies companies currently in bankruptcy from receiving PPP loans. The new final rule 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.