SBA: Business Loan Program Temporary Changes; Paycheck Protection Program - Revisions to Loan Amount Calculation and Eligibility

Notice of an interim final rule from the Small Business Administration revising the previous interim final rules for the Paycheck Protection Program (PPP). Allows individuals who file an IRS Form 1040, Schedule C, to calculate their maximum loan amount using gross income and removes the eligibility restrictions prevents businesses with owners who have non-financial fraud felony convictions in the last year or who are delinquent or in default on their Federal student loans from obtaining PPP loans. This interim final rule is effective March 4, 2021. Comments are due by April 7, 2021.
Source: Federal Register updates via the Rural Assistance Center - Category: Rural Health Source Type: news