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SBA RIN: 3245-AH79 Publication ID: Fall 2022 
Title: Business Loan Program Temporary Changes; Paycheck Protection Program--COVID Revenue Reduction Score, Direct Borrower Forgiveness Process, and Appeals Deferment 

This interim final rule implements changes related to the forgiveness of loans made under the Paycheck Protection Program (PPP), which was originally established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19), as amended. SBA has issued a number of interim final rules implementing the PPP Program. This interim final rule further streamlines the forgiveness process for PPP loans of $150,000 or less by (a) allowing lenders to use a COVID Revenue Reduction Score at the time of forgiveness to document the required revenue reduction for Second Draw PPP Loans, and (b) establishing a direct borrower forgiveness process for lenders that choose to opt-in as an alternative method of processing loan forgiveness applications. This interim final rule also extends the loan deferment period for those PPP loans where the borrower timely files an appeal of a final SBA loan review decision with the SBA Office of Hearings and Appeals. This rule will be finalized and codified as part of a single consolidated rule.

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: 15 U.S.C. 636(a)(36)    15 U.S.C. 636(a)(37)    15 U.S.C. 636m    Pub. L. 116-136, sec. 1114    Pub. L. 116-260, sec. 303    ...   
Legal Deadline:  None
Action Date FR Cite
Interim Final Rule Effective  07/28/2021 
Interim Final Rule  07/30/2021  86 FR 40921   
Interim Final Rule Comment Period End  08/30/2021 
Final Action  11/00/2023 
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