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Rules and Regulations
Federal Register Vol. 86, No. 177
Thursday, September 16, 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 134
Docket Number SBA20200042
RIN 3245AH55

Borrower Appeals of Final SBA Loan Review Decisions Under the Paycheck Protection Program U.S. Small Business Administration SBA.
ACTION: Final rule.
AGENCY:

This final rule adopts with changes portions of the previously issued interim final rule published in the Federal Register on August 27, 2020, on Appeals of SBA Loan Review Decisions Under the Paycheck Protection Program. This final rule provides procedures for appeals of certain final SBA loan review decisions under the Paycheck Protection Program, which is a temporary SBA 7a loan program, authorized by, inter alia, the Coronavirus Aid, Relief, and Economic Security Act and the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act.
DATES:
Effective date: This rule is effective September 14, 2021.
Applicability date: This final rule applies to all appealable final SBA loan review decisions under the Paycheck Protection Program. The rule applies to all appeals filed after the effective date of the rule and to those appeals filed before the effective date for which a Notice and Order has not been issued.
FOR FURTHER INFORMATION CONTACT: An SBA Office of Hearings and Appeals OHA Representative at 2024018200.
SUPPLEMENTARY INFORMATION:
SUMMARY:

I. Background Information On March 13, 2020, President Trump declared the ongoing Coronavirus Disease 2019 COVID19 pandemic of sufficient severity and magnitude to warrant an emergency declaration for all
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States, territories, and the District of Columbia. With the COVID19
emergency, many small businesses nationwide have experienced and continue to experience economic hardship as a direct result of the Federal, State, tribal, and local public health measures that have been taken to minimize the publics exposure to the virus. These measures, some of which are government-mandated, have been implemented nationwide and include the closures of and restrictions on restaurants, bars, gyms, and other businesses. In addition, based on the advice of public health officials, other measures, such as keeping a safe distance from others or even stay-athome orders, were being and continue to be implemented, resulting in a dramatic decrease in economic activity as the public avoids malls, retail stores, and other businesses.
On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act the CARES Act Pub. L. 116136 to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic.
The Small Business Administration SBA received funding and authority through the CARES Act to modify existing loan programs and establish a new loan program to assist small businesses nationwide adversely impacted by the COVID19 emergency.
Section 1102 of the CARES Act temporarily permitted SBA to guarantee 100 percent of 7a loans under a new program titled the Paycheck Protection Program PPP under Section 7a36
of the Small Business Act. Section 1106
of the CARES Act provides for forgiveness of up to the full principal amount of qualifying loans guaranteed under the PPP.
On April 2, 2020, SBA posted its first PPP interim final rule 85 FR 20811
the First Interim Final Rule.
Subsequently, SBA issued a number of other interim final rules implementing the PPP. On April 24, 2020, the President signed the Paycheck Protection Program and Health Care Enhancement Act Pub. L. 116139, which provided additional funding and authority for the PPP.
On May 22, 2020, SBA and Treasury posted an interim final rule on Loan Review Procedures and Related Borrower and Lender Responsibilities
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85 FR 33010 Loan Review interim final rule IFR. The rule stated that SBA would be issuing a separate interim final rule addressing the process for appealing certain SBA loan review decisions under the PPP. On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 Pub. L. 116142
Flexibility Act was signed into law, amending the CARES Act. On June 22, 2020, SBA and Treasury posted an interim final rule that in part revised the Loan Review IFR to incorporate the relevant Flexibility Act amendments, address revisions to the Loan Forgiveness Application SBA Form 3508, and include a new alternative Loan Forgiveness Application SBA
Form 3508EZ 85 FR 38304 Second Loan Review IFR.
On July 4, 2020, Public Law 116147
extended the authority for SBA to guarantee PPP loans to August 8, 2020.
On August 11, 2020, SBA and Treasury posted an interim final rule on Appeals of SBA Loan Review Decisions Under the Paycheck Protection Program 85 FR
52883 OHA Appeal IFR, inviting the public to submit comments on or before September 28, 2020.
On October 8, 2020, SBA and Treasury posted an interim final rule which made additional revisions to the Loan Review IFR and Second Loan Review IFR 85 FR 66214 Third Loan Review IFR. The Third Loan Review IFR provided additional guidance concerning the forgiveness and loan review processes for PPP loans of $50,000 or less and, for PPP loans of all sizes, lender responsibilities with respect to review of borrower determinations of eligible costs for forgiveness in excess of a borrowers PPP loan amount.
On December 27, 2020, the President signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act Economic Aid Act Pub. L.
116260, which, among other things, reauthorized lending under the PPP
through March 31, 2021, authorized second draw PPP loans under Section 7a37 of the Small Business Act, modified PPP provisions relating to forgiveness of PPP loans, and codified Section 1106 of the CARES Act under Section 7A of the Small Business Act.
On January 19, 2021, SBA and Treasury posted an interim final rule to consolidate prior rules related to forgiveness and reviews of PPP loans
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