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Michigan Credit Union League

SBA Releases Additional PPP Guidance

The U.S. Treasury and Small Business Administration (SBA) has released additional guidance regarding the Paycheck Protection Program (PPP). The guidance is designed to implement the changes made reflected in the PPP Flexibility Act, which passed earlier this month.

To implement the legislation, the SBA has revised its April 2 interim final rule, updating provisions within the rule relating to loan maturity, deferral of loan payments and forgiveness provisions.

The SBA has issued a revised PPP borrower application and lender application to conform with these changes, and expects to issue additional guidance regarding loan forgiveness and a revised forgiveness application to implement the PPP Flexibility Act in the near future.

For more information on the act and MCUL concerns, visit here.

Download the PPP guidance here.

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2020-06-16 00:00:00