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Business Loan Program Temporary Changes; Paycheck Protection Program—Requirements—Extension of Limited Safe Harbor With Respect to Certification Concerning Need for PPP Loan Request

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Highlights

GAO reviewed the Small Business Administration's new rule on Business Loan Program Temporary Changes; Paycheck Protection Program—Requirements—Extension of Limited Safe Harbor With Respect to Certification Concerning Need for PPP Loan Request. GAO found that the interim final rule revises the interim final rule posted on April 24, 2020, relating to promissory notes, authorizations, affiliation, and eligibility in connection with the implementation of a temporary new program, titled the "Paycheck Protection Program," established under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act); extends the date by which certain Paycheck Protection Program borrowers may repay their loans from May 7, 2020, to May 14, 2020, in order to avail themselves of a safe harbor with respect to a certification required by the CARES Act, and makes other conforming changes; and supplements SBA's implementation of the CARES Act and requests public comment.

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