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6/15/2020 SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program | U.S. Department of the Treasury SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program June 12, 2020 Washington—The U.S. Small Business Administra on (SBA), in consulta on with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protec on Program (PPP). This guidance implements the Paycheck Protec on Program Flexibility Act (PPPFA), signed into law by President Trump on June 5, 2020, and expands eligibility for businesses with owners who have past felony convic ons. To implement the PPPFA, SBA revised its first PPP interim final rule, which was posted on April 2, 2020. As described in detail in our announcement on June 8, 2020, the new rule updates provisions rela ng to loan maturity, deferral of loan payments, and forgiveness provisions. In addi on, as an exercise of SBA’s policy discre on in furtherance of President Trump’s leadership and bipar san support on criminal jus ce reform, the eligibility threshold for those with felony criminal histories has been changed. The look-back period has been reduced from 5 years to 1 year to determine eligibility for applicants, or owners of applicants, who, for non-financial felonies, have (1) been convicted, (2) pleaded guilty, (3) pleaded nolo contendere, or (4) been placed on any form of parole or proba on (including proba on before judgment). The period remains 5 years for felonies involving fraud, bribery, embezzlement, or a false statement in a loan applica on or an applica on for federal financial assistance. The applica on also eliminates pretrial diversion status as a criterion affec ng eligibility. SBA issued revised PPP applica on forms to conform to these changes. The guidance and revised applica on forms are available on SBA’s and Treasury’s websites. SBA will issue addi onal guidance regarding loan forgiveness and a revised forgiveness applica on to implement the PPPFA in the near future. Click here to view the new Interim Final Rules. Click here to view the new Borrower Applica on. Click here to view the new Lender Applica on. https://home.treasury.gov/news/press-releases/sm1030 1/2 6/15/2020 SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program | U.S. Department of the Treasury #### https://home.treasury.gov/news/press-releases/sm1030 2/2
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