New Guidance for the Paycheck Protection Program
Revisions to the Paycheck Protection Program (PPP) interim final rule and application form were issued to reflect the new rules, such as forgiveness provisions, loan maturity, and deferral of loan payments.
PPP eligibility is also expanded for business owners with past felony convictions. The look-back period is reduced to one year for non-financial felonies that have been convicted, pleaded guilty, pleaded nolo contendere, or have been placed on any form of parole or probation (including probation before judgment). The period remains 5 years for felonies involving fraud, bribery, embezzlement, or a false statement in a loan application or an application for federal financial assistance. The application also eliminates pretrial diversion status as a criterion affecting eligibility.
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