Interim final rule, Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans, 86 Fed. Reg. 3712 (Jan. 14, 2021) (RIN 3245-AH63)

The record

Jurisdiction

United States; Small Business Administration with the Department of the Treasury (federal)

Level

Federal

Authority

Pub. L. 116-260, div. N, § 303; 15 U.S.C. § 636(a)(37)

Issued

2021-01-06 Jan. 6, 2021

Effective

2021-01-12

End

2021-03-31 (statutory; extended by Congress to May 31, 2021) (read as 2021-06-30)

In force

Jan. 12, 2021 to June 30, 2021

Quarters

2021 Q12021 Q2

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Other

Addressees

• borrowers with 300 or fewer employees that experienced a revenue reduction of 25 percent or greater in 2020 relative to 2019
• PPP lenders

Functions reached

• BL PPP lending in 2021Q1-Q2
• OP
• CB small-business borrowers with 25 percent revenue declines into 2021

Collection

Federal financial regulators AGY-FED-FINANCIAL

Operative words

Effective Date: This interim final rule is effective January 12, 2021.... [A Second Draw PPP Loan is available to a borrower that has] 300 [or fewer] employees [and that experienced a reduction in gross] receipts of 25 percent or greater in 2020 [relative to the same quarter of 2019, measured by] quarterly gross receipts for one quarter [in 2020 compared with 2019, or annual receipts, and that has used or will use] the full amount of the First [Draw PPP Loan].

Enforcement

Notes