SBA Loan Guidance Doesn't Resolve Fate Of Venture Startups

By Tom Zanki (April 6, 2020, 7:47 PM EDT) -- The Small Business Administration has provided guidance indicating that its affiliation rules will not bar religious organizations from seeking coronavirus relief loans, although its latest clarification does not address the status of venture-backed startups potentially stuck in limbo.

The SBA said Saturday that otherwise qualified faith-based organizations can apply for relief loans authorized under the Coronavirus Aid, Relief and Economic Security Act, or CARES, Act. The estimated $2 trillion relief package contains a $349 billion provision known as the Payroll Protection Program, or PPP, designed to save small business jobs during the pandemic.

The SBA's primary loan program is normally limited...

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