Small Business Administration and Treasury Issue New PPP Guidance
The U.S. Small Business Administration and Treasury recently issued guidance for the reconstituted Paycheck Protection Program (PPP).
The guidance came in the form of two interim final rules (IFRs):
• The 82-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” consolidates the rules for PPP forgivable loans for first-time borrowers and outlines changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260.
• The 42-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans” lays out guidelines for new PPP loans to businesses that previously received a loan.
Jan. 8 Update:
- A three-page document called “Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns,” which includes a commitment from the SBA to make at least the first two days of the PPP application window open exclusively to applications from community financial institutions.
For more information on the guidance, visit TSCPA's COVID-19 Information & Resources page.