The U.S. Small Business Administration (SBA) and Treasury issued guidance late Wednesday, Jan. 6, for the reconstituted Paycheck Protection Program (PPP).
The guidance came in the form of two interim final rules (IFRs). One IFR consolidates the rules for PPP forgivable loans for first-time borrowers and outlines changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act. The other IFR lays out the guidelines for new PPP loans to businesses that previously received a PPP loan.
Additional guidance includes a commitment from the SBA to make at least the first two days of the PPP application window open exclusively to applications from community financial institutions that serve minority- and women-owned businesses. Learn more.