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.
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.