Note: This article, originally published on April 23, was updated on April 27:

In anticipation of the latest round of funding for the Paycheck Protection Program (PPP), which was approved last week, the Small Business Administration (SBA), in consultation with the Treasury Department, released new guidance meant to discourage larger corporations from taking advantage of the funds in the same way they did in the previous round.

The guidance is in the form of 36 frequently asked questions (FAQs). Beyond answering technical questions such as whether lenders need to use SBA promissory notes or if they can use their own (the answer: they can use either), the guidance also addresses large businesses that might be thinking of availing themselves of a PPP loan. The guidance notes that PPP loan applicants, under the CARES Act, must certify in good faith that the loan is necessary for continued operations, taking into account current business activity as well as their ability to access other sources of liquidity.

With this in mind, the guidance said, "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 the SBA, upon request, the basis for its certification." This likely includes companies like Shake Shack and Ruth's Chris Steak House, although such a statement might also encompass certain venture capital firms and hedge funds, which also tend to be able to tap markets for credit more easily than, say, a local nail salon.

Any business that  has applied for a PPP loan prior to the issuance of this guidance, and that repays its loans in full by May 7, 2020, "will be deemed to have made the required certification in good faith." In other words, if a large corporation received a loan during the previous round of funding, if it returns the money by May 7, it won't be considered to have lied on its certification.

The guidance also clarifies that franchises may not apply for PPP loans on behalf of their franchisees. Instead, it is incumbent on the individual franchisee to apply for loans for its particular franchise entity, each of which is eligible for its own individual loan. So, McDonald's Corporation, for example, cannot apply for a PPP loan, but the individual McDonald's franchise a few blocks from you can.

This "one per legal entity" rule also means, however, that corporations with several distinct legal entities inside it will be able to qualify for total loans in excess of the $10 million limit. So, for example, "if each hotel or restaurant location owned by a parent business is a separate legal business entity, each hotel or restaurant location that employs not more than 500 employees is permitted to apply for a separate PPP loan, provided it uses its unique EIN [Employer Identification Number ]."

The guidance provided three examples as illustration:

In the case in which Company X directly owns multiple restaurants and has no affiliates, it may apply for a PPP loan if it employs 500 or fewer employees per location (including at its headquarters), even if the total number of employees employed across all locations is over 500.

In the case where Company X wholly owns Company Y and Company Z, each of which own a single restaurant with 500 or fewer employees, then Company Y and Company Z can each apply for its own PPP loan.

In the case where Company X wholly owns Company Y and Company Z, and Company Y owns a restaurant with 400 employees, while Company Z is a construction company with 400 employees, then company Y is eligible for a separate PPP loan, but Company Z, which is not in the food service industry and therefore not exempt from affiliation rules, is not.