SBA Paycheck Protection Updates
4 Changes in Loan Program Final Rule
On Friday, April 3, SBA issued the Final Rule for the Paycheck Protection Program (PPP) Loan program for Small Businesses. The final rule has four changes from previously reported rulings due to the anticipated high subscription from businesses:
Loan maturity will be 2 years, deferred for 6 months.
Interest rate will be 1%.
At least 75% of the forgiven amount must be used for payroll.
SBA Paycheck Protection Form 2483, payroll records plus documents required by the bank.
You can find facts sheets and other materials related to the Paycheck Protection Program on our Documents page.