SBA updates to Paycheck Protection Loan

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4 Changes in Final Rule

On Friday, April 3, SBA issued the Final Rule for the Paycheck Protection Program (PPP) Loan program for Small Businesses. The final rule has four changes from previously reported rulings due to the anticipated high subscription from businesses:

  1. Loan maturity will be 2 years, deferred for 6 months.

  2. Interest rate will be 1%.

  3. At least 75% of the forgiven amount must be used for payroll.  

  4. SBA Paycheck Protection Form 2483, payroll records plus documents required by the bank.

See our Paycheck Protection Program page for full details.

The Paycheck Protection loans are processed by your local bank or a bank handling SBA loans. Call your own bank or SBDC. More details at SBA.