By Amy E. Ebeling and Mary Ellen Schill
April 2, 2020
The SBA released the Interim Final Rule announcing more information on the Paycheck Protection Program. The Interim Final Rule provides some program clarifications, but also provides some program changes.
Note, the applicable interest rate is now 1%. There is also more information on how to calculate payroll costs to determine the maximum loan amount including examples.
The PPP loan is also FIRST COME, FIRST SERVE so submit your applications as soon as possible tomorrow April 3rd, 2020.
We are reviewing the Interim Final Rule details and will be available to answer your questions.
You can access our previous update with important SBA links, including the application, here.
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