Transcription of Interim Final Rule Paycheck Protection Program as amended …
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Interim Final Rule Paycheck Protection Program as amended …
3692 Federal Register/ Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations SMALL BUSINESS ADMINISTRATION 13 CFR Parts 113, 120, and 121 [Docket No. SBA 2021 0001] RIN 3245 AH62 DEPARTMENT OF THE TREASURY RIN 1505 AC74 Business Loan Program Temporary Changes; Paycheck Protection Program as amended by Economic Aid Act AGENCY: Small Business Administration; Department of the Treasury. ACTION: Interim Final rule. SUMMARY: On April 2, 2020, the Small Business Administration (SBA) posted an Interim Final rule announcing the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Section 1102 of the CARES Act temporarily adds a new Program , titled the Paycheck Protection Program , to the SBA s 7(a) Loan Program . Section 1106 of the CARES Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program (PPP).
Protection Program following enactment of the Economic Aid Act. This interim final rule also applies to loan forgiveness applications submitted under the Paycheck Protection Program before enactment of the Economic Aid Act where SBA has not remitted the forgiveness payment. Comment date: Comments must be received on or before February 16, 2021.
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