CARES Act: SBA Issues PPP Loan Review Procedures and Related Borrower and Lender Responsibilities | Practical Law
The Small Business Administration (SBA) issued an interim final rule (IFR) that informs borrowers and lenders of the SBA’s process for reviewing Paycheck Protection Program (PPP) loan applications and loan forgiveness applications. The IFR clarifies that the SBA may review PPP loans and related documentation to determine the borrower's eligibility for a PPP loan and loan forgiveness. This IFR supplements the interim final rule on Loan Forgiveness Requirements that the SBA issued contemporaneously with this IFR.