Two Interim Final Rules Issued by SBA for Second Round of PPP

Today, the U.S. Small Business Administration (SBA) and Treasury issued guidance for the changes and second round of the Paycheck Protection Program (PPP). The guidance included two interim final rules (IFRs).

• The 82-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” consolidates the rules for PPP forgivable loans for first-time borrowers and outlines changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260.

• The 42-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans” lays out the guidelines for new PPP loans to businesses that previously received a PPP loan.

We will analyze and revert back as soon as possible with newly issued guidance.

Questions?

Should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time. 

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.