Director, Office of Financial Assistance

3245-AH34 202304 Unified Agenda of Federal Regulatory and Deregulatory Actions 3245 Small Business Administration SBA Business Loan Program Temporary Changes; Paycheck Protection Program

This Final Rule implements sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Section 1102 of the Act temporarily adds a new product, titled the Paycheck Protection Program, to the U.S. Small Business Administration’s (SBA’s) 7(a) Loan Program. Section 1106 of the Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program. The Paycheck Protection Program and loan forgiveness are intended to provide economic relief to small businesses nationwide adversely impacted under the Coronavirus Disease (COVID-19) Emergency Declaration (COVID-19 Emergency Declaration) issued on March 13, 2020. This Rule outlined the key provisions of SBA’s implementation of sections 1102 and 1106 of the Act in formal guidance. This rule will be finalized and codified as part of a single consolidated rule.

]]> Economically Significant Previously Published in The Unified Agenda Final Rule Stage Yes No 13 CFR 120 Pub. L. 116-136, sec. 1114 Statutory Final 04/11/2020 Pub. L. 116-136, sec. 1114 Rules required 15 days after enactment of Pub. L. 116-136. No Interim Final Rule 04/15/2020 85 FR 20811 Interim Final Rule Effective 04/15/2020 Interim Final Rule Comment Period End 05/15/2020 Final Action 11/00/2023 No None No No No Dianna Seaborn L. Director, Office of Financial Assistance 3245 Small Business Administration SBA 202 205-3645 dianna.seaborn@sba.gov 409 Third Street SW, Washington DC 20416