Coalition Urges Treasury, Fed, and SBA to Provide Additional Guidance under the Paycheck Protection Program Established Under CARES Act
April 10, 2020
On April 10, The Roundtable along with 16 other organizations wrote to the U.S. Treasury Department, Board of Governors of the Federal Reserve, and the U.S. Small Business Administration regarding implementation of the Paycheck Protection Program as well as lending facilities and programs established by the Federal Reserve and U.S. Treasury Department under the recently passed Coronavirus Aid, Relief, and Economic Security (CARES) Act.
We strongly urge you to quickly provide additional guidance around affiliation rules under the Paycheck Protection Program to allow small businesses supported by venture capital, angel capital and private equity firm investors to access critical funding that would help retain workers and jobs during the economic fallout of this health crisis. We also encourage SBA in reviewing its affiliation rules to consider any other businesses or parts of the economy that would otherwise qualify as a small business but are currently excluded during this extraordinary time.