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SBA | RIN: 3245-AH49 | Publication ID: Fall 2022 |
Title: Business Loan Program Temporary Changes; Paycheck Protection Program--Revisions to First Interim Final Rule | |
Abstract:
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. |
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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 |
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 |