U.S. Treasury Issues Additional Guidance Regarding the Paycheck Protection Program

Client Alert
April 7, 2020

On Monday, April 6, 2020, the U.S. Treasury issued additional guidance in the form of frequently asked questions regarding the Paycheck Protection Program created by the Coronavirus Aid, Relief, and Economic Security Act.  Topics include, among other things, eligibility of businesses, lender obligations and affiliation rules. The U.S. Treasury states that this guidance will be updated on a regular basis, so we encourage businesses to continuously monitor the above-included link. 

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Sullivan has developed a rapid response team of attorneys to help our clients and our communities cope with the impact of the COVID-19 pandemic and understand the implications of the CARES Act and other actions taken by state governments and the federal government. Please refer to Sullivan’s resource center at www.sullivanlaw.com/COVID19 for more information and for access to Sullivan’s library of related advisories.

Please know that Sullivan is focusing substantial efforts to provide assistance to businesses and individuals affected by COVID-19 and benefited by the CARES Act. If you have questions about how to move forward and navigate the novel legal issues raised by COVID-19 and/or the CARES Act, please contact your primary Sullivan attorney or send a message to CARES@sullivanlaw.com.

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