WASHINGTON—Following the issuance of an interim final rule to incorporate changes made to the Paycheck Protection Program (PPP) by the American Rescue Plan Act, the Small Business Administration (SBA) has published new application forms for borrowers and lenders.
The IFR detailed changes to:
- Eligibility, size, affiliation waivers, and certifications requirements for various types of businesses and grants
- Forgiveness of first- and second-draw PPP loans related to payroll cost exclusions
The SBA has also subsequently released revised application forms for:
- Lenders for PPP loan guarantees for first- and second-draw loans
- Schedule C filers using gross income for both first- and second-draw loan applications (learn more about the Schedule C filer changes here)
- General PPP borrowers for first- and second-draw loans.
Following the release, NAFCU said it will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. The association added it is currently monitoring Senate action on legislation to extend the program by two months.