On January 6, the Small Business Administration (SBA) issued its Interim Final Rule (IFR) for the original Paycheck Protection Program (PPP-1) to reflect changes to the program included in the recent Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Act). In addition, SBA issued its IFR for the newly created Paycheck Protection Program “second draw” loans (PPP-2) authorized by the Act. Companies who have received financial support from government sources due to COVID-19 impacts should review the status of such financing and the applicability of the new requirements.
