In an effort to facilitate the fast-tracking of loans under the new Paycheck Protection Program (“PPP”) the U.S. Department of the Treasury released Interim Final Rules effective April 3, 2020. The rules cover areas such as:
- Basic Structures of PPP Loans
- Loan Applicant Certifications
- Borrower Eligibility Requirements
- Loan Proceeds
- Loan Forgiveness Rules
- Miscellaneous Terms.