New PPP Interim Final Rule Clarifies That Foreign Employees Count for Size

26 May 2020

A new Interim Final Rule from the U.S. Small Business Administration (SBA) solidifies Paycheck Protection Program (PPP) counting rules, stating that all employees, foreign and domestic, of a business and its affiliates (absent an exception) count for purposes of size limitations.

The SBA will not deem a business that applied for a PPP loan prior to May 5, 2020, ineligible based on the exclusion of foreign employees – citing “reasonable borrower confusion.”

To read the full article, courtesy of Holland & Knight, a member of the European American Chamber of Commerce New York, click here.