With the implementation of the Paycheck Protection Program, the Small Business Administration (SBA), in consultation with the Department of the Treasury, has provided an continuously updated additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP). The Treasury’s FAQ document will be updated on a regular basis and both borrowers and lenders are permitted to rely on the guidance provided in FAQ as SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rule. The U.S. government will not challenge lender PPP actions that conform to the Treasury’s guidance, and to the PPP Interim Final Rule and any subsequent rule-making in effect at the time. As of April 8, 2020, the FAQ contained 20 frequently asked questions and answers.
The full list of PPP Loan FAQs can be found here.