| Covid-19 | May 19, 2020

SBA Issues Interim Final Rules and FAQ on Paycheck Protection Program (PPP) : ALLOWANCE FOR LOAN INCREASES TO PARTNERSHIPS AND SEASONAL EMPLOYEES LINK

SBA released two interim final rules (IFRs) and an FAQ for the PPP with the following updates:

• SBA will allow lenders to increase existing PPP loans to certain classes of borrowers, specifically to partnerships and seasonal employers, to take into account new guidance on how these borrowers should calculate maximum loan amounts.

• SBA extended a “Safe Harbor” related deadline for borrowers that are repaying their PPP loans from May 14 to May 18.