Tax Monitor

Additional PPP Disbursement Guidance

April 29, 2020

By: Mark A. Mangano

Last night the United States Department of the Treasury issued a new Interim Final Rule “Business Loan Program Temporary Changes; Paycheck Protection Program-Requirements-Disbursements.”

The rule provides:

• that borrowers may not structure their draws on a PPP loan to delay the start of the eight-week covered period, and
• a reporting process for banks to collect their loan processing fees.

A link to the IFR is here.