U.S. Department of the Treasury Releases New Guidance on Paycheck Protection Program Loans for Small Businesses

Published 4-26-2020

New guidance has been released by the U.S. Department of the Treasury which makes Paycheck Protection Program loans available to companies with 500 or fewer employees, as well as to firms that fall below the size standards set by the Small Business Administration. Construction companies, whose status is generally determined by average annual income threshold and not by number of employees, will benefit from this amendment to the previous announcement, which required a business to meet both criteria to be eligible. The updated guidance will help smaller firms to continue operations and retain staff during the SARS-CoV-2 crisis.