New Treasury PPP Guidance

Late yesterday the Department of Treasury released additional guidance on the SBA/PPP program which continues to slowly answer our questions and clarify concerns. Of note is Q8 on paid sick, Q20 on when the PPP proceeds have to be utilized, Q23 on the affiliation rules and franchisees (which is problematic and will need to be addressed by Treasury/SBA) and Q24 on the waiving of rules under the NAICS Code 72 (for hotels and restaurants) and also includes three separate examples of how Treasury is interpreting the statutory language.  

Following up on the discussion on Commercial Mortgage-Backed Securities, this article outlines the impact expected on our industry:

• Hotels and retailers not paying rent due to the coronavirus pandemic spikes in April, Trepp says - CNBC, Monday, April 13, 2020