With the $310 billion replenishment of its funding on April 24, 2020, we wanted to provide an updated summary of some of the key provisions of the Paycheck Protection Program (“PPP”) as modified and refined by the Interim Final Rules issued and twice supplemented by the SBA this month, effective April 15, April 20 and today, April 24. Most notably, and as further summarized, the SBA’s Interim Final Rules places additional restrictions on borrowers’ use of PPP loan proceeds and on which proceeds are eligible for forgiveness.
The SBA and Treasury Secretary issued a joint statement earlier today announcing that the SBA will resume accepting loan applications from approved, participating lenders on Monday, April 27, 2020 at 10:30 a.m. EDT.