Small Business Administration: Business Loan Program Temporary Changes; Paycheck Protection Program—Requirements—Promissory Notes, Authorizations, Affiliation, and Eligibility

GAO reviewed the Small Business Administration's (SBA) new rule on the Business Loan Program Temporary Changes; Paycheck Protection Program—Requirements—Promissory Notes, Authorizations, Affiliation, and Eligibility. GAO found that the final rule (1) supplements a previously posted interim rule related to the PPP, which is intended to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 emergency; and (2) provides supplemental guidance on the requirements for promissory notes and authorizations, clarification regarding eligible businesses, business participation in employee stock ownership plans, the eligibility of businesses presently involved in bankruptcy proceedings, and limited safe harbor with respect to certification concerning need for PPP loan requests.