Last night @USTreasury @SBAgov put out FAQs on PPP. Picture has emerged of how some VC-backed companies can access PPP when these FAQs are combined with this past weekends guidance. Some startups won& #39;t be able to access PPP but others will. Details: https://tinyurl.com/yxxn5g6b ">https://tinyurl.com/yxxn5g6b&...

BANK DEFERENCE: helpful & hopefully gives banks confidence: "responsibility of the BORROWER to determine which entities. . .are its affiliates and determine the employee headcount of the borrower and its affiliates. Lenders are permitted to rely on borrowers& #39; certifications."

FRESH START: "If a minority shareholder in a business irrevocably waives or relinquishes any existing rights specified in 13 CFR 121.301(f)(1), the minority shareholder would no longer be an affiliate of the business [assuming no other affiliation issues]"

PEOs: "payroll documentation provided by the payroll provider that indicates the amount of wages and payroll taxes reported to the IRS by the payroll provider for the borrower& #39;s employees will be considered acceptable PPP loan payroll documentation."

BUT...INDEPENDENT CONTRACTORS: "Any amounts that an eligible borrower has paid to an independent contractor or sole proprietor should be excluded from the eligible business& #39;s payroll costs. However, an independent contractor or sole proprietor will itself be eligible [for PPP."