Financial Services "Quick Hits" Series
On April 24, 2020, the U.S. Small Business Administration (“SBA”) released an Interim Final Rule on Requirements for Promissory Notes, Authorizations, Affiliation and Eligibility (the “Interim Final Rule”) that provides further guidance for both lenders and borrowers participating in the Paycheck Protection Program (“PPP”). This Interim Final Rule, which will be effective immediately once published in the Federal Register, supplements, and in certain respects revises, previous rules released on April 2, 2020, April 3, 2020, and April 14, 2020.
In the form of Frequently Asked Questions, the Interim Final Rule provides the following guidance:
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