The Treasury and Small Business Administration (SBA) released a frequently asked questions document on Paycheck Protection Program (PPP) loans, updated as of April 6. The PPP is a new loan product to help businesses affected by the coronavirus disease (COVID-19) pandemic meet certain expenses.
The SBA released an Interim Final Rule on the PPP last week, though CUNA, the American Association of Credit Union Leagues and Leagues have called for several changes to help credit unions serve members more efficiently.
According to the FAQ document, the U.S. government “will not challenge lender PPP actions that conform to this guidance, and to the PPP Interim Final Rule and any subsequent rulemaking in effect at the time.”
The document answers questions such as:
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