New Small Business Administration (SBA) guidance implementing the Paycheck Protection Program (PPP) confirms that a somewhat narrower set of affiliation principles now applies to SBA loan programs, including the PPP. In “COVID-19 Relief: SBA Issues Regulations & Guidance on the Payroll Protection Program,” colleagues David B. Dixon, John E. Jensen and Steven A. Kaplan discuss how the SBA issued interim regulations and guidance on the Paycheck Protection Program, including confirmation of “affiliation” rules that may leave many companies affiliated with their investors and other businesses.