CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • 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
  • COVID-19
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Contact
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
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 PPP
Credit Union Magazine - Winter 2020

Winter 2020

Credit Union Magazine’s Winter 2020 edition features CUNA’s 2021 lending outlook, CEO insights on adjusting to the pandemic, and board recruitment strategies.
Digital Edition •  Subscribe

Trending

  • NCUA proposes raising threshold for ‘complex’ CUs

  • Compliance: 2020 Year in Review, Checklist now available

  • NCUA’s 2021 supervisory priorities reflect COVID effects

Tweets by CUNA_News

Polls

Will you ask employees to receive the coronavirus vaccine?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is 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

  • About
  • Careers
  • Contact Us
  • Recommended Websites
  • Privacy Policy

Resources for

  • CUNA Board Members
  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors