On April 2, 2020, the SBA issued an “Interim Final Rule” providing interpretations and guidance for loans under the Payroll Protection Program (“PPP”). The interim rule is effective immediately despite the fact that the SBA will continue to take comments for 30 days. This is a first come, first served program that will continue until the earlier of June 30, 2020, or until the funds are exhausted. Secretary Mnuchin has indicated the President will request additional funds if the initial $350 billion is over-subscribed.
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