The Honorable Marco Rubio Chairman The Honorable Ben Cardin Ranking Member Committee on Small Company and Entrepreneurship Us Senate
The Honorable Nydia M. VelÃ¡zquez Chairwoman The Honorable Steve Chabot Ranking Member Committee on Small Business Home of Representatives
Subject: business management, Department for the Treasury: company Loan Program Temporary modifications; Paycheck Protection Programâ€”Additional Revisions to Loan Forgiveness and Loan Review Procedures Interim Final Rules
Pursuant to section 801(a)(2)(A) of title 5, usa Code, this might be our report on a major rule promulgated by the small company management (SBA) and Department regarding the Treasury (Treasury) entitled â€œBusiness Loan Program Temporary modifications; Paycheck Protection Programâ€”Additional Revisions to Loan Forgiveness and Loan Review treatments Interim Final Rulesâ€ (RINs: 3245-AH59; 1505-AC71). We received the guideline on 20, 2020 october. It absolutely was posted when you look at the Federal enroll as an interim rule that is final October 19, 2020. 85 Fed. Reg. 66214. The effective date with this interim rule that is final October 14, 2020.
Relating to SBA, it published an interim rule that is final company Loan Program Temporary modifications; Paycheck Protection Program, 85 Fed. Reg. 20811 (Apr. 15, 2020), associated with the utilization of parts 1102 and 1106 of this help, Relief, and Economic safety Act (CARES Act). Pub. L. No. 116-136, Â§Â§ 1102, 1106, 134 Stat. 281, 286â€“297 (Mar. 27, 2020). SBA reported that area 1102 associated with the CARES Act temporarily adds a product that is new en titled the â€œPaycheck Protection Programâ€ (PPP), to SBA’s 7(a) Loan Program. SBA stated further so it and Treasury afterwards issued extra interim last rules applying PPP. SBA noted that, on 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) was signed into law, amending the CARES Act june.