- Two new Interim Final Rules from the U.S. Small Business
Administration (SBA) provide technical amendments to implement the
Paycheck Protection Program Flexibility Act of 2020 as well as some
substantive clarifications.
- SBA also published a revised Loan Forgiveness Application with
a new EZ version of the application (Form 3508EZ).
The Coronavirus Aid, Relief, and Economic Security Act (CARES
Act) created the U.S. Small Business Administration's (SBA)
Paycheck Protection Program (PPP) to provide relief to small
businesses affected by COVID-19 and to encourage employers to
retain their employees during the pandemic. The Paycheck Protection
Program Flexibility Act of 2020 (Flexibility Act), passed by
Congress on June 3, 2020, made several key changes to the program,
including extending the covered period from eight to 24 weeks and
reducing the requirement that 75 percent of the loan be spent on
payroll to 60 percent, as well as extending the maturity date of
new
