Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to the Third and Sixth Interim Final Rules
SBA issued an additional Interim Final Rule (IFR) on the PPP in its continued efforts to codify changes enacted by the PPP Flexibility Act of 2020, covering the use of loan proceeds, loan maturity, eligibility for loan forgiveness and the duration of the covered period. The provisions in this IFR related to loan forgiveness are effective March 27, 2020. The provision relating to the maturity date of PPP loans is effective June 5. Remaining provisions will be effective on the date the IFR is filed at the Office of the Federal Register. The IFR is awaiting publication in the Federal Register; comments will be accepted until 30 days after publication.