On April 23, 2020, the United States House of Representatives passed the Paycheck Protection Program and Health Care Enhancement Act (CARES Act 2.0), which, among other provisions, replenishes the funding for the Payment Protection Program (PPP) established by the Coronavirus Aid, Relief and Economic Recovery Act (CARES Act). The United States Senate previously passed CARES Act 2.0, and the bill is expected to be signed into law by the president shortly.
In addition, the Treasury Department released further guidance on the eligibility of companies for access to other funding sources with respect to PPP loans and clarified the need for borrowers to review the certifications in the PPP loan application.
To read the full text of this Alert, which summarizes certain key aspects of CARES Act 2.0 and related guidance, please visit the firm website.