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Federal Register / Vol. 86, No. 53 / Monday, March 22, 2021 / Rules and Regulations
section 324 of the Economic Aid Act. If you receive a PPP loan after December 27, 2020
and you are subsequently approved for an SVO grant, the amount of the SVO grant received will be reduced by the amount of a First Draw or Second Draw PPP Loan. If you receive both a First Draw and Second Draw PPP Loan after December 27, 2020 and you are subsequently approved for an SVO grant, the SVO grant will be reduced by the combined amounts of both PPP loans. A PPP
loan received prior to December 27, 2020 will not reduce the amount of the SVO grant.

As noted above, the American Rescue Plan Act added affiliation waivers for certain eligible organizations with respect to PPP loans. To implement the additional affiliation waiver applicable to eligible internet publishing organizations, the parenthetical at the end of Part IV.e7 of the interim final rule on second draw loans 86 FR 3712, 3719 is revised to include a reference to Part IV.c6, which describes the conditions under which such internet publishing companies are eligible.
Therefore, Part IV.e7 of the interim final rule on second draw loans, as amended by this interim final rule, is revised to read as follows:

7 Any issuer, the securities of which are listed on an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 15 U.S.C.
78f, where the terms exchange, issuer, and security have the meanings given those terms in section 3a of the Securities Exchange Act of 1934 15 U.S.C. 78ca except that SBA will not consider whether a news organization that is eligible under subsection c4 or an internet publishing organization that is eligible under subsection c6 is affiliated with an entity, which includes any entity that owns or controls such news organization or internet publishing organization, that is an issuer;

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2. Forgiveness of First Draw and Second Draw PPP Loans Part III.B.14 of the consolidated interim final rule implementing updates to the PPP provides general information to borrowers on loan forgiveness. The consolidated interim final rule implementing updates to the PPP
requires a revision to clarify certain forgiveness payroll cost exclusions included in the Economic Aid Act and to incorporate section 3134 of the Internal Revenue Code of 1986 Internal Revenue Code as added by section 9651
of the American Rescue Plan Act.
Additionally, section 5001c of the American Rescue Plan Act revised the forgiveness payroll cost exclusions to include premiums taken into account in determining the credit allowed under section 6432 of the Internal Revenue Code. Therefore, the fourth full sentence
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in part III.B.14 of the consolidated interim final rule implementing updates to the PPP 86 FR 3692, 3706 reading payroll costs that are qualified wages taken into account in determining the Employer Retention Credit are not eligible for loan forgiveness, is revised to read The following payroll costs are not eligible for loan forgiveness: a Qualified wages taken into account in determining i the Employee Retention Credit under section 2301 of the CARES
Act, as amended by section 206 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 Relief Act, ii the Employee Retention Credit under section 3134 of the Internal Revenue Code, or iii the disaster credit under section 303 of the Relief Act, and b premiums for COBRA continuation coverage taken into account in determining the credit under section 6432 of the Internal Revenue Code.
Part IV.1 of the consolidated interim final rule on loan forgiveness requirements and loan review procedures sets forth general information about loan forgiveness for First Draw and Second Draw PPP Loans.
The consolidated interim final rule on loan forgiveness requirements and loan review procedures requires revisions to clarify certain forgiveness payroll cost exclusions under the Economic Aid Act and revisions to incorporate the forgiveness payroll cost exclusions required by the American Rescue Plan Act. Part IV.1.a.1 describes the payroll costs that are eligible for loan forgiveness and identifies those costs that are to be excluded. The second full sentence of part IV.1.a.1, Payroll Costs 86 FR 8283, 8286, reading payroll costs that are qualified wages taken into account in determining the Employer Retention Credit are not eligible for loan forgiveness, is revised to read The following payroll costs are not eligible for loan forgiveness: a Qualified wages taken into account in determining i the Employee Retention Credit under section 2301 of the CARES Act, as amended by section 206 of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 Relief Act CARES Act Employee Retention Credit, ii the Employee Retention Credit under section 3134 of the Internal Revenue Code of 1986 ARP
Employee Retention Credit, or iii the disaster credit under section 303 of the Relief Act Disaster Credit, and b premiums for COBRA continuation coverage taken into account in determining the credit under section 6432 of the Internal Revenue Code of 1986 COBRA Continuation Coverage.
Part IV.1.b. of the consolidated interim final rule on loan forgiveness requirements and loan review
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procedures describes the amount eligible for loan forgiveness for individuals with self-employment income who file an IRS Form 1040, Schedule C or F. The last clause of part IV.1.b.i 86 FR 8283, 8287 is revised to read but excluding any qualified wages taken into account in determining the CARES Act Employee Retention Credit, ARP Employee Retention Credit, or the Disaster Credit or premiums for COBRA
Continuation Coverage.
3. Additional Information SBA may provide further guidance, if needed, through SBA notices that will be posted on SBAs website at www.sba.gov. Questions on the Paycheck Protection Program may be directed to the Lender Relations Specialist in the local SBA Field Office.
The local SBA Field Office may be found at https www.sba.gov/tools/
local-assistance/districtoffices.
Compliance with Executive Orders 12866, 12988, 13132 and 13563 the Congressional Review Act, the Administrative Procedure Act, the Paperwork Reduction Act 44 U.S.C. Ch.
35, and the Regulatory Flexibility Act 5
U.S.C. 601612.
Executive Orders 12866 and 13563
This interim final rule is economically significant for the purposes of Executive Orders 12866 and 13563. SBA, however, is proceeding under the emergency provision at Executive Order 12866 section 6a3D
based on the need to move expeditiously to mitigate the current economic conditions arising from the COVID19 emergency.
This rule is necessary to provide economic relief to small businesses and nonprofit organizations nationwide adversely impacted under the COVID
19 Emergency Declaration. We anticipate that this rule will result in substantial benefits to small businesses, nonprofit organizations, their employees, and the communities they serve. However, we lack data to estimate the effects of this rule.
The Administrator of the Office of Management and Budgets Office of Information and Regulatory Affairs OIRA has determined that this is a major rule for purposes of Subtitle E of the Small Business Regulatory Enforcement and Fairness Act of 1996
also known as the Congressional Review Act or CRA 5 U.S.C. 8042 et seq.. Under the CRA, a major rule takes effect 60 days after the rule is published in the Federal Register. 5 U.S.C.
801a3.
Notwithstanding this requirement, the CRA allows agencies to dispense with
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