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Business Loan Program Temporary Changes; Paycheck Protection Program-Extension of Lender Records Retention Requirements

SBA · final-rule · Published 2024-08-23 · Effective 2024-08-22 · 89 FR 68090

Document

Document number
2024-18083
Federal Register citation
89 FR 68090
CFR reference
13 CFR 120
Type
Rule
Action
Interim final rule.
Category
final-rule
Agency
US Small Business Administration
Publication date
2024-08-23
Effective date
2024-08-22
Docket
Docket Number SBA-2024-0006

Abstract

This interim final rule lengthens the required records retention for lenders that made loans under the Paycheck Protection Program (PPP) to ten years. PPP was established under the Coronavirus Aid, Relief, and Economic Security Act as a temporary emergency guaranteed loan program to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 (COVID- 19), as amended. SBA has issued a number of final rules implementing the PPP Program. This interim final rule harmonizes the PPP lender records retention requirements with subsequent legislation extending the statute of limitations for criminal charges and civil enforcement actions for alleged PPP borrower fraud to ten years after the offense.

Source

Authoritative
Federal Register document
Machine
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