PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

SBA’s Interim “Final” Rule on CARES Act Paycheck Protection Program Loan Program (Updated April 15)

By at 2 April, 2020, 8:58 pm

As expected, the Small Business Administration (SBA) released Interim “Final” Rules on the CARES Act “Paycheck Protection Program” (PPP).  SBE Council is reviewing the rules, which can accessed here.

NEW on April 14: Supplemental PPP Guidance (April 14): Additional Eligibility Criteria and Requirements, and Calculating Self-Employment Income

On April 14, the U.S. Treasury and Small Business Administration issued supplemental guidance on several issues, including clarification for the self-employed regarding the calculation of net income and payroll for Paycheck Protection Program (PPP) loans and related guidance on forgivable expenses. Access the guidance here.

NEW on April 13: Guidance from the U.S. Treasury released on April 13 about the PPP in Q&A format clarifies other issues with regard to franchises, affiliation and lender responsibilities and protections.

NEW on April 8: The Latest Round of U.S. Treasury Guidance were released on April 8. The guidance provides clarification for small businesses and lenders in key areas, which can be read by accessing this simple Q & A document.

Hopefully, these rules will provide lenders and borrowers with the information they need to make decisions about participating in the PPP program.

 

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