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Rules and Regulations
Federal Register Vol. 86, No. 43
Monday, March 8, 2021

This section of the FEDERAL REGISTER
contains regulatory documents having general applicability and legal effect, most of which are keyed to and codified in the Code of Federal Regulations, which is published under 50 titles pursuant to 44 U.S.C. 1510.
The Code of Federal Regulations is sold by the Superintendent of Documents.

SMALL BUSINESS ADMINISTRATION
13 CFR Part 120
Docket Number SBA20210010
RIN 3245AH67

Business Loan Program Temporary Changes; Paycheck Protection ProgramRevisions to Loan Amount Calculation and Eligibility U.S. Small Business Administration.
ACTION: Interim final rule.
AGENCY:

This interim final rule implements changes related to loans made under the Paycheck Protection Program PPP, which was originally established under the Coronavirus Aid, Relief, and Economic Security Act CARES Act to provide economic relief to small businesses nationwide adversely impacted by the Coronavirus Disease 2019 COVID19. On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act Economic Aid Act was enacted, extending the authority to make PPP loans through March 31, 2021, revising certain PPP requirements, and permitting second draw PPP loans.
This interim final rule allows individuals who file an IRS Form 1040, Schedule C to calculate their maximum loan amount using gross income, removes the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans, and removes the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans.
DATES:
Effective date: Unless otherwise specified in this interim final rule, the provisions of this interim final rule are effective March 4, 2021.
Applicability date: Unless otherwise specified, this interim final rule applies
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SUMMARY:

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to Paycheck Protection Programs loans approved after the effective date of this rule.
Comment date: Comments must be received on or before April 7, 2021.
ADDRESSES: You may submit comments, identified by number SBA20210010
through the Federal eRulemaking Portal:
http www.regulations.gov. Follow the instructions for submitting comments.
SBA will post all comments on www.regulations.gov. If you wish to submit confidential business information CBI as defined in the User Notice at www.regulations.gov, please send an email to ppp-ifr@sba.gov. All other comments must be submitted through the Federal eRulemaking Portal described above. Highlight the information that you consider to be CBI
and explain why you believe SBA
should hold this information as confidential. SBA will review the information and make the final determination whether it will publish the information.
FOR FURTHER INFORMATION CONTACT: A
Call Center Representative at 833572
0502, or the local SBA Field Office; the list of offices can be found at https
www.sba.gov/tools/local-assistance/
districtoffices.
SUPPLEMENTARY INFORMATION:
I. Background Information On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act the CARES Act Pub. L. 116136 was enacted to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus disease 2019
COVID19 pandemic. Section 1102 of the CARES Act temporarily permitted the Small Business Administration SBA to guarantee 100 percent of 7a loans under a new program titled the Paycheck Protection Program, pursuant to section 7a36 of the Small Business Act 15 U.S.C. 636a36
First Draw PPP Loans. Section 1106 of the CARES Act provided for forgiveness of up to the full principal amount of qualifying loans guaranteed under the Paycheck Protection Program PPP.
On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act Economic Aid Act Pub. L. 116260 was enacted.
The Economic Aid Act reauthorized lending under the PPP through March 31, 2021. The Economic Aid Act added
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a new temporary section 7a37 to the Small Business Act, which authorizes SBA to guarantee additional PPP loans Second Draw PPP Loans to eligible borrowers under generally the same terms and conditions available under section 7a36 of the Small Business Act through March 31, 2021. The Economic Aid Act also redesignated section 1106 of the CARES Act as section 7A of the Small Business Act, to appear after section 7 of the Small Business Act.
SBA, in consultation with the Department of the Treasury Treasury, initially published an interim final rule implementing the PPP on April 15, 2020
and subsequently issued additional interim final rules. On January 14, 2021, SBA published interim final rules implementing the Economic Aid Act amendments to the PPP.1 On February 5, 2021, SBA published an additional interim final rule implementing Economic Aid Act changes related to the forgiveness and review of PPP
loans.2 As described below, this interim final rule revises the consolidated interim final rule implementing updates to the PPP, the interim final rule on second draw PPP loans, and the consolidated interim final rule on loan forgiveness requirements and loan review procedures, to allow individuals who file an IRS Form 1040, Schedule C
to calculate their maximum loan amount using gross income. This interim final rule also revises the consolidated interim final rule implementing updates to the PPP to remove the eligibility restriction that prevents businesses with owners who have non-financial fraud felony convictions in the last year from obtaining PPP loans and remove the eligibility restriction that prevents businesses with owners who are delinquent or in default on their Federal student loans from obtaining PPP loans.
The changes apply to both First Draw PPP Loans and Second Draw PPP Loans.
1 86 FR 3692 Jan. 14, 2021 which we refer to as the consolidated interim final rule implementing updates to the PPP; 86 FR 3712
Jan. 14, 2021 which we refer to as the interim final rule on second draw PPP loans.
2 86 FR 8283 Feb. 5, 2021 which we refer to as the consolidated interim final rule on loan forgiveness requirements and loan review procedures.

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