The Small Business Administration (SBA) issued final interim rules regarding the CARES Act Paycheck Protection Program on the evening of April 2, 2020, shortly after Wilson Elser released a client alert regarding the CARES Act, now amended at " Small Business Administration Announces Access to Emergency Relief Loans."
The interim final rules contain two changes to the information provided in the original alert. The SBA:
- Announced that the interest rate on PPP loans would be 1.0% per annum (not the 0.5% per annum previously reported).
- Clarified that repayments on such loans would be deferred for six months.
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