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SBA | RIN: 3245-AH48 | Publication ID: Spring 2023 |
Title: Business Loan Program Temporary Changes; Paycheck Protection Program--Eligibility of Certain Telephone Cooperatives | |
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, May 20, 2020, and May 22, 2020; SBA and Treasury posted an additional interim final rule on May 22, 2020; and the Department of the Treasury posted an additional interim final rule on April 28, 2020. This interim final rule supplemented the previously posted interim final rules by providing guidance on additional eligibility requirements for certain telephone cooperatives. 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 13 CFR 121 | |
Legal Authority: Pub. L. 116-136 Pub. L. 116-139 |
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 |