As of April 8, 2020. The Small Business Administration (SBA), in consultation with the
Department of the Treasury intends to provide timely additional guidance to address borrower
and lender questions concerning the implementation of the Paycheck Protection Program (PPP),
established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES
The act or the Act). This document will be updated on a regular basis.
Borrowers and lenders may rely on the guidance provided in this document as SBA’s
interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rule
(“PPP Interim Final Rule”) (link). The U.S. government will not challenge lender PPP actions
that conform to this guidance,1 and to the PPP Interim Final Rule and any subsequent rulemaking
in effect at the time.
