PPP Lender Reporting & Extension of Limited Safe Harbor Interim Final Rule Summary
On May 20, 2020, the SBA released this thirteenth PPP Interim Final Rule (Rule) which revises Interim Final Rule #9 (posted May 8, 2020), by extending the date by which certain borrowers may repay their PPP loans from May 14, 2020 to May 18, 2020, in order to obtain safe harbor protection. This Rule also extends the deadline for lender submission of the initial SBA Form 1502 report. 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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