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Ex. AGY-FED-FINANCIAL-086 Order Primary source read

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)

Business Loan Program Temporary Changes; Paycheck Protection Program

Small Business Administration (Administrator Jovita Carranza) in consultation with the Secretary of the Treasury · United States; Small Business Administration with the Department of the Treasury (federal) (Federal)

The COVID Project

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
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

15 U.S.C. § 636(a)(36); 13 C.F.R. part 120; 18 U.S.C. §§ 1001, 1014 (false certifications)

Notes

Context: the SBA's own recital that 'economic activity' fell as 'the public avoids' 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

Retrieval note

Federal Register PDF read; bracketed words reconstruct column-garbled text and the certification language is quoted from the rule's borrower-certification paragraph.