SBIA Letter re: CARES Act – Paycheck Protection Program (Affiliation Waiver)
The Honorable Steven Mnuchin,
U.S. Department of the Treasury
1500 Pennsylvania Ave., N.W.
Washington, D.C. 20005
The Honorable Jovita Carranza,
U.S. Small Business Administration
409 Third St., S.W.
Washington, D.C. 20416
RE: CARES Act – Paycheck Protection Program (Affiliation Waiver)
Dear Secretary Mnuchin and Administrator Carranza:
Now that Congress has passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), work turns to its swift implementation. On behalf of its membership, the Small Business Investor Alliance (“SBIA”) stands ready to assist. We seek clarity in how we are able to assist small businesses, and we offer the following critical recommendation regarding implementation rules governing the waiver of the SBA 7(a) loan program’s affiliation rules under the new Paycheck Protection Program (“PPP”) (“PPP Affiliation Waiver”).