The Small Business Administration Issues Interim Final Rule That Provides Additional Guidance on The Paycheck Protection Program
By Kronick April 3, 2020
The Small Business Administration (“SBA”) has issued an Interim Final Rule that provides further guidance on the Paycheck Protection Program (“PPP”), which will provide up to $349 billion in fully forgivable loans to assist small businesses if they maintain payrolls during the COVID-19 pandemic. The SBA confirms that all SBA-certified lenders will be given delegated authority to issue loans under the PPP. In addition, the Secretary and SBA have identified additional lenders who are authorized to issue loans under the PPP including any federally insured depositary institution or any federally insured credit union (unless they are designated in Troubled Condition by their primary federal regulator).