On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule relating to 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 product, titled the "Paycheck Protection Program,” to the U.S. Small Business Administration’s (SBA’s) 7(a) Loan Program.  Subsequently, SBA issued a number of interim final rules implementing the Paycheck Protection Program.  On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) was signed into law, amending the CARES Act. This interim final rule revised SBA’s interim final rule posted on April 2, 2020, by changing key provisions, such as the loan maturity, deferral of loan payments, and forgiveness provisions, to conform to the Flexibility Act.  SBA also made conforming amendments to the use of PPP loan proceeds for consistency with amendments made in the Flexibility Act.  Several of these amendments are retroactive to the date of enactment of the CARES Act, as required by section 3(d) of the Flexibility Act. This rule will be finalized and codified as part of a single consolidated rule.