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Business Loan Program Temporary Changes; Paycheck Protection Program-Treatment of Entities With Foreign Affiliates

SBA · final-rule · Published 2020-05-21 · Effective 2020-05-21 · 85 FR 30835

Document

Document number
2020-10967
Federal Register citation
85 FR 30835
CFR reference
13 CFR 120
Type
Rule
Action
Interim final rule.
Category
final-rule
Agency
US Small Business Administration
Publication date
2020-05-21
Effective date
2020-05-21
Docket
Docket Number SBA-2020-0030

Abstract

On April 2, 2020, the U.S. Small Business Administration (SBA) posted an interim final rule announcing the implementation of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act temporarily adds a new program, titled the "Paycheck Protection Program," to the SBA's 7(a) Loan Program. The CARES Act also provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program (PPP). The PPP is intended to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID-19). SBA posted additional interim final rules on April 3, 2020, April 14, 2020, April 24, 2020, April 28, 2020, April 30, 2020, May 5, 2020, May 8, 2020, May 13, 2020, and May 14, 2020, and the Department of the Treasury posted an additional interim final rule on April 28, 2020. This interim final rule supplements the previously posted interim final rules by providing guidance on additional eligibility requirements related to entities with foreign affiliates, and requests public comment.

Source

Authoritative
Federal Register document
Machine
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