CARES Act: SBA Issues Interim Final Rule for Implementing Paycheck Protection Program | Practical Law
On April 2, 2020, the Small Business Administration (SBA) issued an interim final rule (IFR) outlining the key provisions for implementing the Paycheck Protection Program (PPP) created under Title 1 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This IFR is effective immediately in order to provide needed information to adversely affected small businesses so that they can apply for a PPP loan without delay. This Update focuses on revisions to and further guidance for implementing the PPP provided in the IFR.