PPP Loan Review Procedures & Borrower and Lender Responsibilities Interim Final Rule Summary
On the evening of May 22, 2020, the SBA released this fifteenth PPP Interim Final Rule (Rule) which supplements previous interim final rules by informing borrowers and lenders of the SBA’s process for reviewing PPP loan applications and loan forgiveness applications. 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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