On April 2, 2020, the U.S. Small Business Administration (SBA) posted on its
website an interim final rule relating to the implementation of sections 1102 and 1106 of the
Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act) (published in the
Federal Register on April 15, 2020). Section 1102 of the Act temporarily adds a new product,
titled the “Paycheck Protection Program,” to the SBA’s 7(a) Loan Program. Subsequently, SBA
and Treasury issued additional interim final rules implementing the Paycheck Protection
Program. On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (Flexibility
Act) was signed into law, amending the CARES Act. This interim final rule revises interim final
rules posted on SBA’s and the Department of the Treasury’s websites on May 22, 2020
(published on June 1, 2020, in the Federal Register), by changing key provisions to conform to
the Flexibility Act. Several of these amendments are retroactive to the date of enactment of the
CARES Act, as required by section 3(d) of the Flexibility Act.

Read More >> https://home.treasury.gov/system/files/136/PPP–IFR–Revisions-to-Loan-Forgiveness-Interim-Final-Rule-and-SBA-Loan-Review-Procedures-Interim-Final-Rule.pdf