KERNUTT STOKES BLOG

SBA and Treasury Release Interim Final Rule on Loan Forgiveness after the Flexibility Act

On June 22, the Small Business Administration (SBA) and the Department of the Treasury released the latest Interim Final Rule (IFR) regarding the Paycheck Protection Program (PPP). The IFR primarily focuses on loan forgiveness and modifications required as a result of the Paycheck Protection Flexibility Act (the Flexibility Act) which was signed into law on June 5.

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Senate Passes Paycheck Protection Flexibility Act

On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a brief overview of the key provisions contained in the bill.

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