New PPP rules, guidance needed before program re-opens

All rules and guidance for any Paycheck Protection Program (PPP) enhancements be issued and finalized before the program goes into effect, CUNA and other organizations wrote to Treasury and Small Business Administration (SBA) leaders Wednesday. The bill passed by Congress Tuesday reauthorizes the PPP at $284 billion.

“To ensure operational clarity and efficiency, we request all rules and guidance of any PPP enhancements or new small business relief programs be issued and finalized before the program goes into effect,” the letter reads. “Such clarity will provide significant benefits to borrowers and lenders, ensuring consistent and reliable rules that all parties can depend on.”

Detailed guidance will save both lenders and borrowers time, which helps the program to be used more efficiently, the organizations note.

 

continue reading »