On May 22, 2020 the Small Business Administration (SBA) and the Department of Treasury jointly issued two interim final rules (IFR) related the Paycheck Protection Program (PPP). The first IFR deals with Loan Forgiveness; the second covers Loan Review Procedures and Related Borrower and Lender Responsibilities.
Loan Forgiveness – The 26-page IRF on Loan Forgiveness is designed 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; and
- Inform borrowers and lenders of SBA’s process for reviewing PPP loan applications and loan forgiveness applications.
Loan Review Procedures – The 19-page IRF on Loan Review Procedures and Related Borrower and Lender Responsibilities inform borrowers and lenders of SBA’s process for reviewing PPP loan applications and loan forgiveness applications,