SBA’s Interim Final Rule Clarifies Paycheck Protection Program Loan Eligibility Requirements
SBA’s Interim Final Rule Clarifies Paycheck Protection Program Loan Eligibility Requirements
April 17, 2020
Many of the concepts addressed in the interim final rule are applicable to all loan applicants and the use of PPP loans in general.
On April 14, 2020, the Small Business Administration (SBA) released an additional interim final rule applicable to Paycheck Protection Program (PPP) loans. The interim final rule covers eligibility criteria for self-employed individuals and partnerships, as well as clarifications for businesses affiliated with a PPP lender and businesses operating in the legal gaming industry. However, many of the concepts addressed in the interim final rule are also applicable to all loan applicants and the use of PPP loans in general. Note: Although the PPP funds have run out, Congress is discussing adding more money…continue reading