Late Monday night, Treasury and the U.S. Small Business Administration (SBA) released FAQs on the Paycheck Protection Program (PPP), the $349 billion small business relief program that is a key part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136.
Over the past week, the AICPA and our small business funding coalition have been advocating for additional clarity on certain provisions of the PPP. We've been working hard to drive a common understanding and approach around PPP implementation. The AICPA has been leading with recommendations and interpretations based on our understanding of the intent of the program.