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April 23, 2020 at 02:30 PM
The Small Business Administration, in tandem with the Treasury Department, released guidance Thursday intended to halt large companies’ access to small-business loans under the Paycheck Protection Program.
The House is set to vote Thursday on boosting PPP funds by $320 billion and also approved a House Rules Committee plan to set up a select subcommittee to oversee how those PPP funds are distributed.
Sen. Ben Cardin, D-Md., said on an early Thursday afternoon webcast held by the American Council for Capital Formation that the new PPP funds “will be available as early as tomorrow.”
The PPP loans, of which 1.6 million were given “during the first tranche” of the program, Cardin said, are meant to “keep workforces at small businesses together during this pandemic so that people are employed, but more importantly, for our economy, that a small business has its workforce together and ready to respond when this virus is under control.”
In just-released frequently asked questions guidance, which updates earlier guidance, the SBA states in Q&A No. 31 that “it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required [loan] certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.”
