Latest SBA Guidance On PPP Loans

In a Q&A published this morning, the Small Business Administration (SBA) made some significant clarifications concerning the certification every PPP Borrower is required to make that "[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant."  Noticeably, despite the fact that under the CARES Act, the SBA rule that a borrower be unable to obtain credit elsewhere does not apply to the PPP, the new guidance states that in making the certification, a borrower should take into account other sources of liquidity it has.  It also specifically notes that it is unlikely that a public company with "substantial" market value and access to the capital markets would be able to make the certification.