SBA AND DEPARTMENT OF TREASURY ISSUE TWO NEW INTERIM FINAL RULES ON THE PAYCHECK PROTECTION PROGRAM
On January 6, 2021, the Small Business Administration (SBA) and U.S. Department of Treasury issued two Interim Final Rules (IFRs) surrounding the Paycheck Protection Program (PPP). The IFRs include the following
- Interim Final Rule #1: Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans: Implements the key provisions of the Second Draw PPP Loans.
- Interim Final Rule #2: Business Loan Program Temporary Changes; Paycheck Protection Program as Amended: (1) Incorporates the latest guidance included in the Consolidated Appropriations Act, 2021, (2) Consolidates the guidance issued to date governing borrower eligibility, lender eligibility and PPP application and origination requirements for new PPP loans and (3) Provides general rules relating to loan increases and loan forgiveness.
For an in-depth overview on the new guidance recently released on the PPP loans, register for our webinar on Thursday, January 14 @ 10 am.