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ARTICLE · 20 APRIL 2020

The U.S. Small Business Administration Releases Paycheck Protection Program Interim Regulations

Foley Hoag LLP
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On April 2, 2020, the U.S. Small Business Administration (the "SBA") issued a new interim final rule that provides implementation guidelines for interpreting its Paycheck Protection Program ("PPP").

United StatesEmployment and HR
Jennifer Audeh
Jennifer Audeh
Robert Sawyer
Robert Sawyer
Thomas Draper
Thomas Draper
Malcolm Henderson
Malcolm Henderson
Kevin Lin
Kevin Lin
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On April 2, 2020, the U.S. Small Business Administration (the "SBA") issued a new interim final rule that provides implementation guidelines for interpreting its Paycheck Protection Program ("PPP"). As discussed in our main alert, PPP loans (the "PPP Loans") authorize up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis, facilitated through lenders enrolled in the SBA's 7(a) loan program, pursuant to the PPP under the Keeping American Workers Employed and Paid Act (the "Act"), which is part of the Corona Aid, Relief, and Economic Security Act (the "CARES Act") enacted on March 27, 2020.

Highlights of the SBA's Interim Final Rules:

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