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SBA | RIN: 3245-AH34 | Publication ID: Spring 2023 |
Title: Business Loan Program Temporary Changes; Paycheck Protection Program | |
Abstract:
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. |
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Agency: Small Business Administration(SBA) | Priority: Economically Significant |
RIN Status: Previously published in the Unified Agenda | Agenda Stage of Rulemaking: Final Rule Stage |
Major: Yes | Unfunded Mandates: No |
CFR Citation: 13 CFR 120 | |
Legal Authority: Pub. L. 116-136, sec. 1114 |
Legal Deadline:
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Overall Description of Deadline: Rules required 15 days after enactment of Pub. L. 116-136. |
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Timetable:
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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 |