Interim Final Rule Issued
Press Release
The U.S. Small Business Administration, in consultation with the Treasury Department, has recently released additional Paycheck Protection Program guidance.
“This additional information has been highly anticipated. We are hopeful now that it has been made public, the PPP will gain momentum quickly to help local businesses and nonprofits,” SBA Utah District Office Director Marla Trollan.
The PPP is intended to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). Subsequently, SBA published 23 interim final rules providing additional guidance on the PPP (some of which were jointly issued with the Department of the Treasury) and Treasury published one interim final rule.
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) (Pub. L. 116-260) became law Dec. 27, 2020. The Economic Aid Act extends the authority to make PPP loans through March 31, 2021 and revises certain PPP requirements.
For ease of borrower and lender reference, this interim final rule also consolidates the interim final rules (and important guidance) issued to date governing borrower eligibility, lender eligibility, and PPP application and origination requirements for new PPP loans, as well as provides general rules relating to loan increases and loan forgiveness.
Please access the following links for policy guidance on the new round of PPP loans as authorized by the recently passed stimulus bill.
- SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns (Released 1/6/2021)
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Released 1/6/2021)
- Interim Final Rule on Second Draw Loans (Released 1/6/2021)
For more information and updates, visit SBA.gov/PPP or Treasury.gov/CARES
Business owners and nonprofit organizations should subscribe to the SBA Utah District Office newsletter at www.sba.gov/offices/district/ut/salt-lake-city and follow on Twitter @SBA_Utah to stay current on the new programs as the information will be updated as it changes. You may contact the Utah District Office at (801) 524-3209 or by email at utahgeneral@sba.gov. You may also contact the Rapid Response Team at coronavirus.utah.gov or by phone at 1 (800) 456-7707.