SBA Issues Guidance and New Application Form for Paycheck Protection Program Loans

April 3, 2020

Michele Wales, CPA
Kaylyn Varnum, CPA
Mike Lee, CPA
Mike Batts, CPA

The information contained herein is based on the authors’ understanding of the topics covered at the time the information was prepared and may contain inaccuracies. All information herein is subject to correction and/or clarification as more complete and reliable guidance and interpretations regarding the law become available. The information contained herein is for informational and educational purposes only and does not constitute professional advice. For professional advice regarding the subject matter addressed herein, the services of a competent professional should be obtained.

On the evening of April 2, 2020, the Small Business Administration (SBA) released an “interim final rule,” which provides guidance related to loans under the Paycheck Protection Program (PPP). The PPP was enacted as part of the CARES Act signed into law on March 27, 2020.

Our Nonprofit Special Alert, which is available on our website at www.nonprofitcpa.com, entitled “CARES Act Signed into Law – Contains Massive Relief and Stimulus Provisions for Nonprofits” contains a more comprehensive explanation of the PPP loan program and will be updated today to reflect this new guidance.

This Special Alert focuses on the most significant elements of the interim rule (referred to below as the SBA guidelines), including clarifications or shifts from earlier common understandings of the PPP.

Click here to read more.

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