{"id":"AGY-FED-FINANCIAL-086","kind":"order","level":"federal","jurisdiction":"United States; Small Business Administration with the Department of the Treasury (federal)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"Small Business Administration (Administrator Jovita Carranza) in consultation with the Secretary of the Treasury","authority":"CARES Act § 1114 (emergency rulemaking authority); 15 U.S.C. § 636(a)(36)","instrument":"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)","title":"Business Loan Program Temporary Changes; Paycheck Protection Program","dateIssued":"2020-04-02","effective":"2020-04-15 (applies to applications from April 3, 2020)","end":"PPP lending through June 30, 2020 (later extended by Congress to Aug. 8, 2020 and reopened Jan. 2021)","startDate":"2020-04-15","endDate":"2020-09-30","quarters":["2020Q2","2020Q3"],"types":["OTHER","EMER"],"addressees":["small businesses, nonprofits, independent contractors and self-employed individuals","SBA 7(a) lenders and federally insured depository institutions and credit unions"],"clause":"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 \u0027current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.\u0027]","enforcement":"15 U.S.C. § 636(a)(36); 13 C.F.R. part 120; 18 U.S.C. §§ 1001, 1014 (false certifications)","functions":["BL business lending (PPP origination through banks and credit unions)","CC contact centers","OP","CB small-business borrowers whose operations the orders closed"],"notes":"Context: the SBA\u0027s own recital that \u0027economic activity\u0027 fell as \u0027the public avoids\u0027 venues named in the closure orders; the PPP was the federal lending response to the orders and it ran through the lending functions of every bank and credit union","sourceUrl":"https://www.govinfo.gov/content/pkg/FR-2020-04-15/pdf/2020-07672.pdf","snapshot":"","fileExists":true,"fileBytes":204796,"grade":"primary","character":"","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-086","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-086","citation":"Small Business Administration (Administrator Jovita Carranza) in consultation with the Secretary of the Treasury, 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) (Apr. 2, 2020) (Ex. AGY-FED-FINANCIAL-086)","stateName":"","related":[]}