SBA Releases Updated FAQs on PPP and Interim Final Rule

The U.S. Small Business Administration (SBA) this week released updated FAQs for the Paycheck Protection Program (PPP) as well an updated Interim Final Rule (IFR). The IFR clarifies certain maximum loan calculation scenarios for individuals who file IRS Form 1040 Schedule Cs and eligibility requirements for business owners with felony convictions and delinquent federal student debt. The FAQs are updated to address a number of scenarios related to the PPP Second Draw program and other specific eligibility scenarios.

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