20-EF-15: SBA - Business Loan Program Temporary Changes; Paycheck Protection Program; Loan Forgiveness, SBA Loan Review Procedures, and Related Borrower and Lender Responsibilities

On May 22, 2020, the Small Business Administration (SBA) published an interim final rule regarding Paycheck Protection Program (PPP) loan forgiveness requirements, implementing section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). In addition, the SBA published a second interim final rule providing the procedures for an SBA loan review as well as related borrower and lender responsibilities in terms of forgiveness and loan reviews. This final regulatory alert combines both interim final rules.

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