SBA Issues Interim Final Rule 14 with More PPP Answers
On May 22, 2020, the SBA and Treasury posted an interim final rule on Paycheck Protection Program (PPP) loan forgiveness. This interim final rule informs borrowers and lenders of SBA’s process for reviewing PPP loan applications and loan forgiveness applications. The SBA and Treasury answered questions regarding:
- Borrower representations and statements the SBA will review
- Whether borrowers of less than $2 million will be subject to these reviews
- Whether a borrower will get the opportunity to respond to the SBA’s questions in a review
- Whether a borrower can appeal the SBA’s determination of ineligibility for a PPP loan, loan amount or forgiveness amount
- Areas lenders will focus on to determine loan forgiveness
- The timeline for the lender’s decision on a loan forgiveness application
To read the complete interim final rule, click here.
We will continue to share updates as information becomes available. For our past thought leadership on CARES Act loan information, click here.