Director, Office of Financial Assistance

3245-AH38 202310 The Regulatory Plan and the Unified Agenda of Federal Regulatory and Deregulatory Actions 3245 Small Business Administration SBA Business Loan Program Temporary Changes; Paycheck Protection Program--Requirements--Disbursements

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 the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). The Act temporarily adds a new program, titled the Paycheck Protection Program, to the SBA’s 7(a) Loan Program. The Act also 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, April 14, 2020, and April 24, 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.

]]> Section 3(f)(1) Significant Previously Published in The Unified Agenda Final Rule Stage Yes No 13 CFR 120 Pub. L. 116-136 Pub. L. 116-139 No Interim Final Rule 05/04/2020 85 FR 26321 Interim Final Rule Effective 05/04/2020 Interim Final Rule Comment Period End 06/03/2020 Final Action 05/00/2024 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