Interim final rule, Business Loan Program Temporary Changes; Paycheck Protection Program, 85 Fed. Reg. 20811 (Apr. 15, 2020) (Docket SBA-2020-0015; RIN 3245-AH34)

The record

Jurisdiction

United States; Small Business Administration with the Department of the Treasury (federal)

Level

Federal

Authority

CARES Act § 1114 (emergency rulemaking authority); 15 U.S.C. § 636(a)(36)

Issued

2020-04-02 Apr. 2, 2020

Effective

2020-04-15 (applies to applications from April 3, 2020) (read as 2020-04-15)

End

PPP lending through June 30, 2020 (later extended by Congress to Aug. 8, 2020 and reopened Jan. 2021) (read as 2020-09-30)

In force

Apr. 15, 2020 to Sept. 30, 2020

Quarters

2020 Q22020 Q3

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Emergency declarationOther

Addressees

• small businesses, nonprofits, independent contractors and self-employed individuals
• SBA 7(a) lenders and federally insured depository institutions and credit unions

Functions reached

• BL business lending (PPP origination through banks and credit unions)
• CC contact centers
• OP
• CB small-business borrowers whose operations the orders closed

Collection

Federal financial regulators AGY-FED-FINANCIAL

Operative words

Section 1102 of the Act temporarily [permits SBA to guarantee 100 percent of 7(a) loans under the Paycheck Protection Program]... On March 13, 2020, President Trump [declared the ongoing COVID-19 pandemic of] sufficient severity and magnitude to warrant an emergency declaration for all [States, territories and the District of Columbia].... [Businesses are closing or reducing] economic activity as the public avoids [restaurants, theaters and] gyms.... [Loans are available] under the PPP through June 30, 2020.... [The borrower must certify that 'current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.']

Enforcement

Notes