Coolidge Wall Co., L.P.A.
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Posts tagged "Paycheck Protection Program"

SBA Issues Last Minute Interim Rule On Paycheck Protection Program Loans

On Thursday, April 2, 2020, the U.S. Small Business Administration (SBA) issued an Interim Final Rule (IRF), which constitutes the much-anticipated "Regulations" called for in the CARES Act on implementation of the Paycheck Protection Program (PPP). While the IRF is considered "interim" and requests public comments over a 30-day period, it is anticipated that lenders will rely on it once they begin accepting and processing applications for those small businesses seeking PPP loans. We previously explained the program in our blog post found here.

Coolidge Wall Outlines Key Features of the Paycheck Protection Program For Your Business

The Paycheck Protection Program provides approximately $350 billion for a temporary supplement to the SBA's current loan program through which SBA-approved banks are authorized to make loans to qualifying eligible entities. The PPP has three key components:

CARES Act Makes Paycheck Protection Program Loans Available For Businesses -- Application Released

UPDATE: On March 31, 2020, the Small Business Administration and the U.S. Treasury released the Application Form for the new SBA PPP Loan forgiveness program, which we have included at the end of this article.

UPDATE 3.27.20: Small Business Administration Simplifies Disaster Loan Online Application Process For Direct Government Funds Up To $2 Million For Qualified Small Businesses

Congress Passes and President Signs CARES Act, Expanding SBA Disaster Loan Program and Loosening Program Requirements, As Well As Other Relief Programs