SBA Releases Details on Paycheck Protection Program
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was issued expeditiously to provide much needed relief to individual Americans, health care workers, small businesses and industries hit hard by COVID-19. Federal agencies and regulators are quickly responding with additional clarifications and guidance to help ensure the CARES Act is working as intended.
On April 2, 2020, the U.S. Small Business Administration (SBA) released an interim final rule on its Paycheck Protection Program (PPP). In a departure from the normal rule-setting process, even though these are proposed rules, they are effective immediately upon publication in the Federal Register. The SBA will consider any feedback received and the need for additional rule setting. Download the PDF for more details.