SBA Issues Draft Interim Final Rule on CARES Act Paycheck Protection Loan Program
Nichols Liu – Late on April 2, 2020, the Treasury Department posted a draft Interim Final Rule implementing sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act” or “the Act”). Section 1102 created the “Paycheck Protection Program” (“PPP”) loans, which are an addition to the SBA’s existing 7(a) Loan Program, and section 1106 provided for forgiveness of some or all of the loan amounts. We summarize the most relevant portions of the draft Interim Final Rule for government contractors.
