Director, Office of Financial Assistance

3245-AH37 202304 Unified Agenda of Federal Regulatory and Deregulatory Actions 3245 Small Business Administration SBA Business Loan Program Temporary Changes; Paycheck Protection Program--Requirements--Promissory Notes, Authorizations, Affiliation, and Eligibility

On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule (the First PPP Interim Final Rule) announcing the implementation of 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 program, titled the Paycheck Protection Program, to the 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 (PPP). The PPP is intended to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). SBA posted additional interim final rules on April 3, 2020 and April 14, 2020. This final rule supplemented the previously posted interim final rules with additional 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, secs. 1102 and 1106 Statutory Final 04/11/2020 Public Law 116-136, sec. 1114 No Interim Final Rule 04/28/2020 85 FR 23450 Interim Final Rule Effective 04/28/2020 Interim Final Rule Comment Period End 05/28/2020 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