Venture-backed companies did not receive the relief they had hoped for this past Friday, April 3rd, when the Small Business Administration (“SBA”) issued affiliation rule guidance on the Paycheck Protection Program (“PPP”) created under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The guidance largely affirms existing SBA regulations as they previously
No Satisfaction: Absence of Affiliation Rule Waiver Leaves Most Venture-Backed Companies Ineligible for Paycheck Protection Plan Loans
