Government Connection

Paycheck Protection Program Update

On Friday, February 5, 2021 the Department of the Treasury and the Small Business Administration published an interim final rule  Business Loan Program Temporary Changes; Paycheck Protection Program-Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act. The interim final rule implements changes to the Paycheck Protection Program (PPP) made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which extended the PPP through March 31, 2021, revised certain PPP requirements, and allowed second draw PPP loans. Specifically, this interim final rule (1) provides borrowers and lenders with guidance on requirements governing forgiveness of PPP loans, and (2) informs borrowers and lenders of SBA's process for reviewing loan applications and loan forgiveness applications. The interim final rule went into effect on February 3, 2021. GCCA members are encouraged to review the changes and how they may impact their participation with the program.

February 05, 2021


Legislative & Regulatory Issues

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