Small Business Administration Business Loan Program Temporary Changes; Paycheck Protection Program-Additional Criterion for Seasonal Employers
other · Treasury · Rule · Published 2020-04-30 · Effective 2020-04-30 · 85 FR 23917
Document
Document number
2020-09239
Federal Register citation
85 FR 23917
CFR reference
13 CFR 120
Type
Rule
Action
Interim final rule.
Category
other
Sub-agency
Treasury
Publication date
2020-04-30
Effective date
2020-04-30
Treasury docket
Docket Number TREAS-DO-2020-0009
Abstract
The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or the Act) authorizes the U.S. Department of the Treasury (Treasury) to issue regulations for the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA), including regulations that allow additional lenders to originate loans and establish terms and conditions. In this interim final rule, Treasury authorizes all lenders eligible to originate loans under the PPP to use an alternative criterion for calculating the maximum loan amount for PPP loans issued to seasonal employers.