SBA and Treasury announce new and revised guidance regarding the Paycheck Protection Program

WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program. This guidance implements the Paycheck Protection Program Flexibility Act, signed into law by President Donald Trump, June 5, and expands eligibility for businesses with owners who have past felony convictions.  To implement the PPPFA, SBA revised its first Paycheck Protection Program interim final rule, which was posted April 2. An SBA announcement June 8, explained the new rule updates provisions relating to loan maturity, deferral of loan payments and forgiveness provisions.  In addition, as an exercise of SBA’s policy discretion in furtherance of Trump’s leadership and bipartisan support on cri
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