SBA: New PPP rule coming soon
The SBA said it will "soon" publish a new Paycheck Protection Program interim final rule and issue a new application for Schedule C filers. Until then, it issued the following considerations:
- The new definition of “payroll costs” for Schedule C filers will be available for loans approved after the effective date of the interim rule. To use the new definition, applicants must use the new application form (SBA Form 2483-C or SBA Form 2483-SD-C).
- Lenders who have submitted the current application form to the platform and have not yet been approved may withdraw the application from the platform.
- If the application has been approved but the loan has not yet been disbursed, lenders may cancel the loan and the applicant may apply for a new loan using the new application form.
- If lenders have disbursed the loan but have not yet filed the related Form 1502, they may cancel the loan and applicants may repay and apply for a new loan using the new application form.
- If lenders have disbursed the loan and filed the related Form 1502, the loan cannot be canceled.
- Loans cannot be increased to take advantage of the new definition.
More: Additional PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.