Vol. XIX, Issue 30

May 26, 2020

CARES Act Update—SBA Publishes New Rules on PPP Loan Forgiveness and Reviews

Late on Friday, May 22, the Treasury Department (Treasury) and Small Business Administration (SBA) published new guidance regarding the SBA’s Paycheck Protection Program (PPP) under the CARES Act. Once again, this guidance was issued after normal business hours—in this case, on the eve of a long holiday weekend.

The SBA published two interim final rules related to PPP loans:

These two new regulations supplement the Loan Forgiveness Application and Instructions that the SBA published a week earlier.

Wespath is working with the General Council on Finance and Administration (GCFA) to provide helpful information related to the Loan Forgiveness Application. Our summaries are intended to provide information about the federal regulations tailored to the needs and circumstances of United Methodist Church (UMC) organizations and UMC-related employers. We will be updating our UMC PPP FAQs based on the content of this most recent federal guidance under the Loan Forgiveness Rule and Loan Review Rule. We will have new and updated support documents available soon.


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