The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP) released an FAQ document on April 6.
In addition, on April 7th a letter from Acting Office of Management and Budget Director Russell Vought asked Vice President Mike Pence for an additional $251 billion for the PPP.
The additional funding is intended only to “meet the immediate demand for the program as authorized and to ensure that employers can keep employees on payrolls for the remainder of the covered period,” he wrote. His office also has not called for expanding the eligibility or the duration of the program.
House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) issued a joint statement on April 8 calling for additional relief.