Smith Anderson (North Carolina): SBA and Treasury Issue Guidance on the Paycheck Protection Program

On April 2, 2020, the Small Business Administration (SBA) issued an Interim Final Rule (IFR) regarding the $349 billion Paycheck Protection Program (PPP) under Title I of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), supplemented on April 3, 2020, by an Interim Final Rule on Affiliation (Affiliation IFR) and an overview of the Applicable Affiliation Rules for the PPP (Affiliation Overview). The IFR was preceded by separate U.S. Treasury Department (Treasury Department) guidance regarding the new loan program, which was issued on March 31, 2020 (Treasury Department Guidance). The Treasury Department Guidance includes a two-page borrower application, facts sheets for SBA borrowers and lenders, as well as a top-line overview of the PPP and the loans available under it. MORE.

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