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SBA issues guidance and rules for new PPP

The Small Business Administration has issued Guidance on Accessing Capital for Minority, Undeserved, Veteran and Women-Owned Business Concerns under the second round of the Paycheck Protection Program. The Guidance indicates that the SBA will accept PPP loan applications only from community financial institutions for at least the first two days when the PPP portal reopens (the reopening date was not provided).

The SBA also issued its first two interim final rules for the second round of PPP loans. The first of the interim final rules amends the existing PPP rules to reflect changes made by Congress, including on fees, borrower eligibility, loan amounts, eligible expenses, reliance on borrower certifications and loan increases, as well as a new registration requirement for all lenders. However, “most of this document restates existing regulatory provisions to provide lenders and new PPP borrowers a single regulation to consult on borrower eligibility, lender eligibility and loan application and origination requirements, as well as general rules on increases and loan forgiveness for PPP loans,” SBA said.

The second interim rule addresses the second-draw loans now available for borrowers with 300 or fewer employees, that saw a 25% or greater revenue drop in 2020 compared to 2019 and that have used the full amount of their first-draw PPP loan.

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