CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact

News

Home » SBA releases new, revised PPP guidance reflecting PPP Flexibility Act
Policy & Issues

SBA releases new, revised PPP guidance reflecting PPP Flexibility Act

June 15, 2020
SBALogo

The U.S. Treasury and Small Business Administration (SBA) last week released new and revised guidance regarding the Paycheck Protection Program (PPP). The guidance is designed to implement the changes signed into law by President Donald Trump earlier this month in the PPP Flexibility Act.

To implement the legislation, the SBA has revised its April 2 interim final rule, updating provisions within the rule relating to loan maturity, deferral of loan payments and forgiveness provisions.

CUNA’s CompBlog examines in detail the changes made by the SBA to implement requirements of the PPP Flexibility Act.

The SBA has issued a revised PPP borrower application and lender application to conform with these changes, and expects to issue additional guidance regarding loan forgiveness and a revised forgiveness application to implement the PPP Flexibility Act in the near future.

The agencies also announced Friday, as an exercise of the SBA’s policy discretion, that the eligibility threshold for those with felony criminal histories has been changed. The look-back period has been reduced to one year (down from five years) to determine eligibility for applicants, or owners of applicants for non-financial felonies.

KEYWORDS coronavirus Paycheck Protection Program
Credit Union Magazine: Spring 2022

Spring 2022

Credit Union Magazine’s Spring 2022 edition profiles four Credit Union Heroes and examines CUNA's advocacy priorities, the advocacy army, and financial well-being for all.
Digital Edition •  Subscribe

Trending

  • House passes CUNA-backed fair hiring bill

  • House committee to mark up field of membership modernization bill

  • Final flood Q&As reflect CUNA-sought clarifications

Tweets by CUNA_News

Polls

Are you ready for CECL?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2022 Credit Union National Association | ADA Compliance Notice & Legal
Email Us