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Comment Period: PPP Interim Final Rules

SBA published an interim final rule to implement changes related to the forgiveness and review of loans made under the Paycheck Protection Program (PPP), which was originally established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide economic relief to small businesses nationwide adversely impacted by COVID-19. On 12/27/2020, Economic Aid to Hard-Hit  Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) was enacted, extending the authority to make PPP loans through 03/31/2021, revising certain PPP requirements, and permitting second draw PPP loans. The interim final rule consolidates prior rules related to forgiveness and reviews of PPP loans and incorporates changes made by the Economic Aid Act, including with respect to forgiveness of second draw PPP loans. Unless otherwise specified in the Economic Aid Act, the provisions of the interim final rule are effective 02/03/2021. The interim final rule applies to PPP loans for which a loan forgiveness payment had not been remitted by SBA as of 12/27/2020. Read more here

  • March 8, 2021
  • Time: All Day