In response to some of the larger well capitalized “small businesses” (such as Shake Shack, Ruths Chris and others) having received PPP loans in the first round, the Small Business Administration (SBA) yesterday updated its FAQ on the loan program to make it clear that the funds are meant for small businesses and not for larger companies with access to other funds. A new section was added to the Treasury Department guidance (Question 31) and the answer to that question in pertinent part states, “[A]ll borrowers should review carefully the required certification that ‘[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.’ And then further, it concludes, “. . . it is unlikely that a public company with substantial market value and access to capital markets will be able to make the required certification in good faith, and such a company should be prepared to demonstrate to SBA, upon request, the basis for its certification.”