April 7, 2020

Dear WZ Client:

Just days after applications have been sent in for the Paycheck Protection Program (PPP) loans, the Treasury and lawmakers are pushing for more funds to be added to the $349 billion allocated to the program under the Coronavirus Aid, Relief and Economic Security (CARES) Act.

Today Treasury Secretary Steven Mnuchin announced in a press conference, at the direction of President Trump, has asked Congress for an additional $250 billion for the PPP, which provides loans up to $10 million to businesses and nonprofits with fewer than 500 employees.

Secretary Mnuchin indicated that he expects the measure to pass the Senate on Thursday and the House by Friday.

The WZ team will continue to keep you alerted on the latest developments on this measure.

As always, the partners and the entire WZ team, stand with you during these times together.

Best,

WZ Partners