SBA issues rule easing Paycheck Protection Program restrictions

SBA issues rule easing Paycheck Protection Program restrictions tjordan_drupal Jun 12, 2020

The Small Business Administration today released an interim final rule implementing the Paycheck Protection Program Flexibility Act, AHA-supported legislation enacted last week.

The rule provides additional flexibility for borrowers by extending the loan period through 2020, as well as the timeframe for repayment if required. It also changes the parameters for potential loan forgiveness; allows borrowers to use up to 40% of the loan on non-payroll expenses; provides different scenarios under which borrowers may be eligible for forgiveness; and allows borrowers who seek forgiveness

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