A key feature of the COVID-19 economic stimulus bill is the creation of a $350 billion “Paycheck Protection Program” (PPP) to authorize loans to businesses affected by the COVID-19 crisis. But many companies backed by venture capital (VC) and private equity funds may find themselves ineligible for such relief due to the Small Business Administration’s (SBA) affiliation rules, which determine whether a company is a qualified small business by looking at the size of the company and its affiliates. Perkins attorneys provide an overview of the SBA’s affiliation rules and offers practical considerations for private equity investors, VC funds, private equity funds, and other investors in companies interested in obtaining a PPP loan. Read More