PAYCHECK PROTECTION PROGRAM UPDATE

PAYCHECK PROTECTION PROGRAM UPDATE: Additional Eligibility Criteria and Requirements for Certain Pledges of Loans  

The U.S. Small Business Administration (SBA) has released an interim final rule on additional eligibility criteria and requirements for certain pledges of loans under the Paycheck Protection Program (PPP) established by the CARES Act. 

Some of the highlights include the following:

  • Individuals with self-employment income who file a Form 1040, Schedule C
    • Eligibility for a PPP Loan
    • How to calculate the maximum loan amount and required documentation
    • How PPP Loans can be used by individuals with income from self-employment
    • Restrictions on the use of PPP Loan proceeds
    • Amounts that are eligible for forgiveness
    • Required documentation when requesting loan forgiveness
    • Clarification regarding Eligible Businesses
    • Requirements for Certain Pledges of PPP Loans 

You can read the Interim Final Rule on Additional Eligibility Criteria and Requirements for Certain Pledges of Loans here:  https://home.treasury.gov/system/files/136/Interim-Final-Rule-Additional-Eligibility-Criteria-and-Requirements-for-Certain-Pledges-of-Loans.pdf 

*The Attorneys at Levene Gouldin & Thompson, LLP are available to provide advice and counsel concerning these new statutory obligations and other matters related to COVID-19.

 

 

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