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Today, #SBA issued regulations stating that “corporate groups” may not receive more than $20M total in #PPP loans. This new “corporate group” requirement is analyzed based on SBA’s #affiliation rules — and even applies to businesses with affiliation waivers under The CARES Act.
This new requirement applies to any #PPP loan not-yet disbursed as of April 30. This suggests that SBA will now consider an applicant’s #affiliations — and will likely review affiliation during the #PPPaudit process for forgiveness.
See, generally, 85 Fed. Reg. 26324.
