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SBA adds rules on PPP forgiveness and lender duties
Late Friday, the Small Business Administration released two interim final rules to supplement previously published interim final rules implementing the Paycheck Protection Program (PPP), in preparation for the processing of applications for loan forgiveness under the CARES Act.
The first of Friday's rules was issued to provide borrowers and lenders guidance on requirements governing the forgiveness of PPP loans. The second rule informs borrowers and lenders of SBA’s process for reviewing PPP loan applications and loan forgiveness applications, and supplements the interim final rule on Loan Forgiveness.
- Interim final rule on Requirements:- Loan Forgiveness
- Interim final rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities