SACRAMENTO — The Small Business Administration (SBA), in consultation with the Department of Treasury, provided guidance today to employers on the implementation of the Paycheck Protection Program (PPP). Borrowers and lenders may rely on the guidance provided in this document as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rule (CLICK HERE to view the “PPP Interim Final Rule”).
New Relief Bill in the Works
The Senate could move as early as Thursday to approve approximately a quarter trillion dollars in new relief to small businesses, congressional leaders said on Tuesday.
Senate Majority Leader Mitch McConnell said he is working with Minority Leader Chuck Schumer to deliver more money to the Paycheck Protection Program, a popular $350 billion program for businesses to cover payroll and expenses during the coronavirus pandemic. Small Business Committee Chairman Marco Rubio estimated the program needs $200-$250 billion and McConnell said he intends to pass new relief as soon as Thursday without a roll call vote.
“It is quickly becoming clear that Congress will need to provide more funding or this crucial program may run dry. That cannot happen,” McConnell said.