Crisis Management

SBA Issues Additional Guidance on Paycheck Protection Program

The Small Business Administration has issued a series of rules pertaining to the Paycheck Protection Program (PPP) over the past month, including two interim final rules issued over the last two days that set a borrowing cap of $20 million for corporate groups on PPP loans and provides additional guidance on the participation of non-bank and non-insured depository lenders in the program.
Below please find links to all of the rules issued by the SBA on the PPP along with a set of Frequently Asked Questions developed by the SBA.
·       Frequently Asked Questions (4/29/2020)
·       Interim Final Rule 1 (4/2/2020)
·       Interim Final Rule on Applicable Affiliation Rules (4/3/2020)
·       Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans (4/14/2020)
·       Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation, and Eligibility (4/24/2020)
·       Interim Final Rule on Additional Criterion for Seasonal Employers (4/28/2020)
·       Interim Final Rule on Disbursements (4/28/2020)
·       Interim Final Rule on Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders (4/30/2020)