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Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations
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Applicability date: The provisions of this interim final rule incorporating the American Rescue Plan Act changes to the PPP apply to PPP loans approved, and loan forgiveness applications submitted, on or after March 11, 2021.
Comment date: Comments must be received on or before April 21, 2021.
ADDRESSES: You may submit comments, identified by number SBA20210013
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 a new temporary section 7a37 to the Small Business Act, which authorizes SBA to guarantee additional PPP loans
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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 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 Following the publication of the interim final rules implementing the Economic Aid Act, SBA published another interim final rule revising certain loan amount calculation and eligibility provisions of those rules.3 As described below, this interim final rule further 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, by incorporating the expanded eligibility for First Draw and Second Draw PPP
Loans and the exclusions from payroll costs that may be forgiven enacted in the American Rescue Plan Act Pub. L.
1172; confirming that First Draw PPP
Loan applicants that are assigned a NAICS code beginning with 72 and that employ no more than 500 employees per physical location are eligible; and clarifying certain forgiveness payroll cost exclusions in the Economic Aid Act.
II. Comments and Immediate Effective Date This interim final rule is being issued without advance notice and public comment because section 1114 of the CARES Act and section 303 of the Economic Aid Act authorize SBA to issue regulations to implement the Paycheck Protection Program without regard to notice requirements. In 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.
3 86 FR 13149 March 8, 2021.

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addition, this rule is being issued to allow for immediate implementation of these changes. The intent of the CARES
Act, the Economic Aid Act, and the American Rescue Plan Act is that SBA
provide relief to Americas small businesses and nonprofit organizations expeditiously. Given the urgent need to provide borrowers with timely relief and the short period of time before the program ends on March 31, 2021, SBA
has determined that it is impractical and not in the public interest to provide a 30-day delayed effective date. An immediate effective date will allow SBA
to give small businesses and nonprofit organizations affected by this interim final rule the maximum amount of time to apply for loans and lenders the maximum amount of time to process applications before the program ends.
This good cause justification also supports waiver of the 60-day delayed effective date for major rules under the Congressional Review Act at 5 U.S.C.
8082. Although this interim final rule is effective immediately, comments are solicited from interested members of the public on all aspects of the interim final rule.
These comments must be submitted on or before April 21, 2021. SBA will consider these comments and the need for making any revisions as a result of these comments.
III. Paycheck Protection Program as Amended by the American Rescue Plan Act 1. Eligibility, Size, Affiliation Waivers, and Certifications Part III.B.1. of the consolidated interim final rule implementing updates to the PPP identifies the businesses, organizations, and individuals that are eligible for First Draw PPP Loans, including the applicable size standards.
Part III.B.3. of that rule sets forth the affiliation rules generally applicable to PPP loans, including the affiliation waivers available to certain businesses and organizations. The American Rescue Plan Act expands eligibility to additional businesses and organizations and revises size standards and adds affiliation waivers for certain eligible businesses and organizations.
The American Rescue Plan Act also revises section 324 of the Economic Aid Act to provide that businesses that receive a PPP loan after December 27, 2020 are no longer ineligible for a Shuttered Venue Operator SVO Grant under certain conditions. Specifically, if a PPP borrower receives a First Draw or Second Draw PPP Loan after December 27, 2020, the amount of any subsequently-approved SVO grant will
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