Treasury Market Guidance on Paycheck Protection Program Loans

On Tuesday, the Treasury Department released guidelines to the market in the form of a Top-Line Overview of the Paycheck Protection Program (PPP), Lender Information Sheet, Borrower Information Sheet and Application Form, which can be found here: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses. This guidance is not firmly established and we expect additional guidance, clarification or reconsideration of interpretations to come. For now, however, the market guidance is noteworthy for several reasons as it is informative, clarifies and even contradicts the statutory provisions contained in the CARES Act. Specifically, below are the notable points of information, clarification and contradiction:

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