ATR today released a coalition letter signed by ten organizations urging the Small Business Administration to waive the “affiliation” rules for the Paycheck Protection Program (PPP) established by the recently passed CARES Act.

If not waived, these rules will act as a direct regulatory barrier to job retention and creation at some of the most innovative and exciting companies in our economy.

As the letter notes, businesses have been impacted by COVID-19 irrespective of their ownership structure. Failing to include investor-backed businesses could threaten tens of thousands of jobs.

The SBA should waive affiliation rules in its final rule and Congress should permanently reform SBA’s affiliation rules in the next piece of legislation related to COVID-19.

The signatories also urge policymakers to reject calls to discriminate against investor-backed businesses through the PPP and the Exchange Stabilization Fund (ESF).

The full letter can be found here.