Tax Monitor

SBA Interim Rule on Corporate Group Limits and Qualification of Non-Bank Lenders

April 30, 2020

By: Mark A. Mangano

The Treasury Department today issued interim final rule (IFR) “Business Loan Program Temporary Changes; Paycheck Protection Program-Requirements-Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders.”

The IFR limits the total amount of loans available to a group of businesses majority owned, directly or indirectly, by a common parent to $20,000,000.

The IFR also defines the conditions for non-bank and non-insured depository lenders to participate in the PPP.

Here is a link to the IFR.