SBA Issues Revised Paycheck Protection Program Regulations & Procedural Guidance On Economic Injury Disaster Loans

The Small Business Administration (SBA) continues to release rules and guidance documents relating to the Paycheck Protection Program (PPP). This week, the SBA issued an interim final rule that revises previous rules by changing key provisions to conform to the recently enacted Paycheck Protection Program Flexibility Act (the "Act"). This official guidance contains important loan forgiveness information for borrowers and changes key provisions of the PPP to reflect those changes to the PPP set forth in the Act.

Important components of the revised rules include:

• The ability for loan recipients to utilize an expanded 24-month covered loan period or chose to retain their original 8-week covered loan period.