Paycheck Protection Program Additional Criteria & Requirements Interim Final Rule Summary

Updated 04/16/2020

On the evening of April 14, 2020, the SBA released this third PPP Interim Final Rule (Rule). This Rule supplements the first PPP Interim Final Rule with guidance for self-employed individuals who file a Form 1040, Schedule C. This Rule also provides long-awaited guidance on whether a Lender can make loans to its officers, directors, and key employees, among others. As a whole, the Rule supplements implementation of sections 1102 and 1106 of the CARES Act and the SBA requests public comment on all parts of the Rule, just as it has with the two prior Interim Final Rules.

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