Economic Aid Act Brings Further Changes to Paycheck Protection Program and Loan Forgiveness Time Frames

On January 19, 2021, the Treasury Department and Small Business Administration (SBA) released an interim final rule discussing changes to the Paycheck Protection Program (PPP) loan forgiveness requirements and loan review process as amended by the Economic Aid Act signed into law on December 27, 2020. The interim final rule discusses a variety of topics, primarily summarizing changes made to the PPP loan forgiveness requirements and loan review process and restating the regulations issued pursuant to the CARES Act and Paycheck Protection Program Flexibility Act.

To read the full text of this Alert, which discusses the key takeaways from the interim final rule and provides a list of the changes that will affect both PPP borrowers and PPP lenders following passage of the Economic Aid Act, please visit the firm website.