SBA Issues Guidance Regarding Implementation of Paycheck Protection Program
IMPORTANT UPDATE: SBA Issues Guidance Regarding Implementation of Paycheck Protection Program
The U.S. Small Business Administration (SBA) has released an interim final rule on the Paycheck Protection Program (PPP) established by the CARES Act. The interim final rule outlines the key provisions of the PPP, and contains important guidance about its implementation.
Some of the highlights include the following:
- Loans are first-come, first-served, so apply as soon as possible
- Interest rate is 1%
- Maturity date is 2 years
- An eligible borrower cannot receive more than one PPP loan, so consider applying for the maximum amount
- Independent contractors are not to be counted for purposes of a borrower’s PPP loan application or for loan forgiveness
You can read the interim final rule here: https://home.treasury.gov/system/files/136/PPP--IFRN%20FINAL.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.