Newly Issued Interim Rules Update Paycheck Protection Program Loan Eligibility Considerations

    • Tina Reynolds
    • Partner
    • Washington, D.C.
    • Damien Specht

Late Friday evening, the Small Business Administration (SBA) issued an Interim Final Rule on affiliation, which was posted to the U.S. Treasury Department’s Paycheck Protection Program (PPP) loan website. This interim final rule (SBA Interim Final Rule 2) supplements an earlier SBA Interim Final Rule (SBA-2020-0015), which specifically did not address affiliation. The new PPP affiliation rules in SBA Interim Final Rule 2 clarify which SBA affiliation rules apply to the PPP.