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Interim Rules to Guide the Implementation of  CARES Act's Paycheck Protection Program Released

An McV Emergency Task Force Alert

In other to expedite the implementation of the Paycheck Protection Program (“PPP”) the Small Business Administration (“SBA”) released the following materials related to this program:

  • The Interim Final Rule published under SBA-2020-0015, 13 CFR Part 120 provides the general overview of the PPP and clarifies the general eligibility, scope, requirements and process. You can access the full document here.
  • The Interim Final Rule published under SBA-2020-0015, 13 CFR, 13 CFR Part 121 clarifies the SBA affiliation rules as they apply to the determine applicants’ eligibility under PPP. You can access the full document here.
  • Affiliation Rules Applicable to US SBA under PPP provide guidance of the affiliation rules published by the Department of Treasury and SBA. You can access the full document here.
  • The SBA also published a Frequently Asked Questions section for Faith-Based Organizations Participating in the PPP and EIDL loan programs. You can access the full document here.

It is expected that SBA will issue additional guidance on loan forgiveness in the near future. We will continue monitoring developments and sending updates as they unfold. In the meantime, should you have questions regarding the PPP and your eligibility, or need assistance with your application and/or loan documentation, please contact any of the attorneys of the McV Emergency Task Force listed below.

The content of this McV Alert has been prepared for information purposes only. It is not intended as, and does not constitute, either legal advice or solicitation of any prospective client. An attorney-client relationship with McConnell Valdés LLC cannot be formed by reading or responding to this McV Alert. Such a relationship may be formed only by express agreement with McConnell Valdés LLC.

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