ACG Input Needed

CHICAGO, April 4, 2020 – Late Friday evening the U.S. Small Business Administration issued its interim final rule regarding Business Loan Program Temporary Changes related to the Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Under the CARES Act, access to the PPP program is limited to businesses that have fewer than 500 employees. Under longstanding SBA affiliation rules, many small businesses with far fewer than 500 employees that would otherwise qualify will not be eligible because they received external growth capital from a venture capital, private equity, or other private capital provider; despite collective efforts for inclusion, Friday's interim final rule effectively excludes those small businesses from the 7(a) loan program under the CARES Act. 

ACG needs your help to share the economic fallout from this decision. 

Please complete the following survey by noon PDT on Monday, April 6. 

ACG has already received notice from many of its members of massive layoffs anticipated because of this decision. Congress intended that the CARES Act be a lifeline to small businesses throughout the country, and this exclusion is most certainly a nail in the coffin for tens of thousands of companies with equity investors. 

If you are not directly impacted by this decision but members of your network are, we encourage you to send them the survey so they can be included in this assessment. 

TAKE THE SURVEY

ACG is grateful to its members for their continued support and advocacy.

• Find the interim rule here. 
• Find the affilation rules guidance here.