Paycheck Protection Program Will be First-Come, First-Served
April 2, 2020
The U.S. Small Business Administration (SBA) issued an Interim Final Rule with respect to the Paycheck Protection Program (PPP) loan. In this rule, the SBA confirmed that the PPP loan applications will be processed on a first-come, first-served basis. We encourage you to contact your lender and submit an application at your earliest convenience if you plan on participating in this loan program. Please note that the Interim Final Rule also increased the previously publicized interest rate on the loan from .5% to 1.0%.
If you would like guidance on the PPP or assistance submitting an application, contact Jeffrey B. Scheer, any of the attorneys in the Business and Transactions Practice Group, or the attorney at the firm with whom you are regularly in contact.