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SBA | RIN: 3245-AH56 | Publication ID: Spring 2023 |
Title: Business Loan Program Temporary Changes; Paycheck Protection Program--Treatment of Owners and Forgiveness of Certain Nonpayroll Costs | |
Abstract:
On April 2, 2020, the U.S. Small Business Administration (SBA) posted on its website 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) (published in the Federal Register on April 15, 2020). 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. This interim final rule supplemented the previously posted interim final rules by providing additional guidance on treatment of owners and forgiveness of certain nonpayroll costs. 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 Pub. L. 116-139 Pub. L. 116-142 Pub. L. 116-147 |
Legal Deadline:
None |
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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 |