SBA’s Newest PPP Interim Final Rule Clarifies Foreign Employees Must be Counted to Determine Size
Tuesday, May 19, 2020 SBA’s newest Interim Final Rule, posted on May 18th, clarifies that borrowers must count all employees, both foreign and domestic, for purposes of the size limitations of the PPP, subject to certain exceptions to affiliation. The IFR follows closely after the SBA and U.S. Department of Treasury published FAQ 44 on …