Paycheck Protection Program (PPP) Policy Update (Wednesday, May 20, 2020)

SBA & US Treasury have recently released additional guidance on the Paycheck Protection Program. Please see below:

• Interim Final Rule on Treatment of Entities with Foreign Affiliates (released 5/18/20)

Note: This IFR is being posted in advance of publication in the Federal Register. The official version will appear in the Federal Register.

• Summary of PPP lending to date (Released 5/18/20)

• An updated Frequently Asked Questions Document (Question 48 – Released 5/19/20)
  • SBA is extending the deadline for lenders to electronically upload the initial SBA Form 1502 reporting information to the later of: (1) May 29, 2020, or (2) 10 calendar days after disbursement or cancellation of the PPP loan.