On April 24, the president signed into law a $484 billion bipartisan deal to extend the Paycheck Protection Program and provide additional funding for hospitals and testing for the virus. Following the bill’s passage, additional guidance was issued by the Small Business Administration and U.S. Department of Treasury on the second round of funding for the popular loan program.

The new guidance makes it unlikely that larger publicly traded companies will be able to access the next round of funding for the U.S. government’s small business relief program. The bill also provides a safe harbor for large public companies who tapped the PPP before the rule change to avoid scrutiny and return the relief loans in the next two weeks.

ABC encourages members to review the resources below for more information.

• Read the bill, a section-by-section explanation of the small business provisions and the hospital and testing provisions.
• Joint Statement by Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza on the Resumption of the Paycheck Protection Program
• Frequently Asked Questions
• How to Calculate Loan Amounts
• Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation and Eligibility 

ABC will continue to provide critical updates on this program for our nation’s small businesses in Newsline.