View Rule

View EO 12866 Meetings Printer-Friendly Version     Download RIN Data in XML
SBA RIN: 3245-AH34 Publication ID: Spring 2020 
Title: ●Business Loan Program Temporary Changes; Paycheck Protection Program 
Abstract:

This Interim 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 by President Trump on March 13, 2020.  This Rule outlines the key provisions of SBA’s implementation of Sections 1102 and 1106 of the Act in formal guidance and requests public comment.

 
Agency: Small Business Administration(SBA)  Priority: Economically Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: No 
EO 14192 Designation: Not subject to, not significant 
CFR Citation: 13 CFR 120   
Legal Authority: Not Yet Determined   
Legal Deadline:
Action Source Description Date
Final  Statutory  Pub. L. 116-136, sec. 1114  04/11/2020 

Overall Description of Deadline: Rules required 15 days after enactment of Pub. L. 116-136.

Timetable:
Action Date FR Cite
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  06/00/2020 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Dianna L. Seaborn
Director, Office of Financial Assistance
Small Business Administration
409 Third Street SW,
Washington, DC 20416
Phone:202 205-3645
Email: dianna.seaborn@sba.gov