Business Loan Program Temporary Changes; Paycheck Protection Program (interim final rule), 85 Fed. Reg. 20811 (Apr. 15, 2020)

The record

Jurisdiction

United States

Level

Federal

Authority

CARES Act §§ 1102, 1106, 1114; 15 U.S.C. § 636(a)(36)

Issued

2020-04-02 Apr. 2, 2020

Effective

2020-04-15 (applied from Apr. 3, 2020) (read as 2020-04-15)

End

program authority expired Aug. 8, 2020. (read as 2020-08-08)

In force

Apr. 15, 2020 to Aug. 8, 2020

Quarters

2020 Q22020 Q3

2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3

Limitation types

Other

Addressees

• small businesses
• SBA 7(a) lenders

Functions reached

• BL business lending (banks and credit unions as PPP lenders)
• OP borrower payroll retention

Collection

Federal commerce, travel, workplace and finance layer FED-B

Operative words

SUMMARY: This interim final rule announces the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Section 1102 of the Act temporarily adds a new product, titled the 'Paycheck Protection Program,' to the U.S. Small Business Administration's (SBA's) 7(a) Loan Program. Section 1106 of the Act provides for forgiveness of up to the full [principal amount of qualifying loans]...

Enforcement