SBA Issues IFR on American Rescue Plan Act of 2021

On March 18, the Small Business Administration issued a new Paycheck Protection Program  interim final rule. This interim final rule incorporates the American Rescue Plan Act of 2021  amendments to the PPP by further revising the PPP consolidated interim final rule issued by SBA on Jan. 14, 2021. The Jan. 14 consolidated interim final rule incorporated the PPP amendments made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act). 

The provisions of this interim final rule apply to PPP loans approved and loan forgiveness applications submitted on or after March 11, 2021.