New SBA PPP Rules & FAQ

Thoughtware Alert Apr 16, 2020
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The Paycheck Protection Program (PPP), designed to help businesses dealing with the effects of COVID-19, is generating huge interest but also continued questions on eligibility. On April 14, 2020, the U.S. Small Business Administration (SBA) issued a third interim final rule that primarily addresses eligibility requirements and loan forgiveness for self-employed individuals. This article provides details on the rule, which clarifies the eligibility of businesses owned by directors or shareholders of PPP lenders.

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