Happy Memorial Day Weekend. While this is not the way most of us are accustomed to celebrating the unofficial start to summer, we find ourselves reading two new Interim Final Rules published by the Small Business Administration (SBA).
Both IFRs became effective May 22, 2020. The first provides additional clarification regarding requirements for the Paycheck Protection Program (PPP) loan forgiveness. This document is intended to supplement the loan instructions with more regulations.
The second update involves Business Loan Program Temporary Changes. This IFR is designed to describe the SBA procedures for reviewing program applications.
Our team will review and analyze the updates in order to provide you with further commentary and our WM wisdom.
To read the most up-to-date SBA Interim Final Rule guidance, we have included links to both documents below.
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.