PPP Corporate Groups & Other Lenders Interim Final Rule Summary
On the evening of April 30, 2020, the SBA released this seventh PPP Interim Final Rule (Rule). This Rule supplements the prior PPP Interim Final Rules by limiting the amount of PPP loans that any single corporate group may receive in order to preserve the limited funding for the PPP. It also provides additional guidance on the criteria for non-bank lenders to participate in the PPP. 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 all prior Interim Final Rules.
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