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TREAS/DO RIN: 1505-AC69 Publication ID: Fall 2020 
Title: ●Business Loan Program Temporary Changes; Paycheck Protection Program--Requirements--Loan Forgiveness 
Abstract:

On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule announcing the implementation of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  The CARES Act temporarily adds a new program, titled the Paycheck Protection Program, to the SBA’s 7(a) Loan Program.  The CARES 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, April 24, 2020, April 28, 2020, April 30, 2020, May 5, 2020, May 8, 2020, May 13, 2020, May 14, 2020, May 18, 2020, and May 20, 2020, and the Department of the Treasury (Treasury) posted an additional interim final rule on April 27, 2020.  This interim final rule supplements the previously posted interim final rules in order to help PPP borrowers prepare and submit loan forgiveness applications as provided for in the CARES Act, help PPP lenders who will be making the loan forgiveness decisions, inform borrowers and lenders of SBA’s process for reviewing PPP loan applications and loan forgiveness applications, and requests public comment.

 
Agency: Department of the Treasury(TREAS)  Priority: Economically Significant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Yes  Unfunded Mandates: No 
EO 13771 Designation: Other 
CFR Citation: 13 CFR 120   
Legal Authority: Pub. L. 116-136   
Legal Deadline:  None
Timetable:
Action Date FR Cite
Interim Final Rule  06/01/2020  85 FR 33004   
Interim Final Rule Effective  05/28/2020 
Interim Final Rule Comment Period End  07/01/2020 
Final Action  10/00/2021 
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Jonathan Greenstein
Deputy Assistant Secretary
Department of the Treasury
Departmental Offices
1500 Pennsylvania Avenue NW.,
Washington, DC 20220
Phone:202 622-2000
Email: jonathan.greenstein@treasury.gov