New guidance from the U.S. Small Business Administration (SBA) and Treasury lays out the appeal procedures for rejected Paycheck Protection Program (PPP) loan forgiveness applications.
The interim final rule describes how businesses turned down for forgiveness of their PPP loans can appeal the decision, and about how forgivable PPP loans interact with the SBA’s Economic Injury Disaster Loans.
The interim final rule takes effect immediately, although the SBA is still accepting comments on it. The SBA is dispensing with the usual period of waiting for comments to come in before the rule goes into effect to expedite the appeals process.
Submit your comments using number SBA-2020-0042 through the federal eRulemaking portal at www.regulations.gov.