SBA Issues 2 IFRs on PPP Loans

IFRs covers several issues related to loan forgiveness, loan review procedures, and borrower and lender responsibilities. VGM provides overview.

• By David Kopf
• May 28, 2020

The Small Business Administration released two interim final rules on May 22 regarding loans under the Paycheck Protection Program (PPP).

The first IFR (PDF download) clarifies the requirements for PPP loan forgiveness and provides supplemental loan instructions with more regulations. The second IFR (PDF download) outlines the SBA’s process for reviewing business loan program applications,

Together, the two documents are 45 pages of material. However, Mark Higley, vice president of Regulatory Affairs and Government Relations for VGM Group, has produced a seven-page PDF that outlines the key elements of the two IFRs.

The VGM document covers 18 aspects of the two IFRs, including key term definitions, the “75 percent rule,” the timing of payroll, lender requirements, and the loan forgiveness application process.