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Client Advisory: SBA and Treasury Issue Additional Guidance on PPP

Last week, the Small Business Administration and Department of the Treasury issued additional guidance on various aspects of the Paycheck Protection Program (“PPP”). 

Businesses with common ownership are now limited to a cumulative $20 million of PPP loans, and a clarification was issued with respect to the tax deductibility of expenses paid for with PPP loan proceeds. 

Meanwhile, more questions remain regarding the SBA’s “necessity” criteria for loan applicants.