Late last night, the SBA released two interim final rules related to the Second Draw PPP. The first interim final rule (the “First Rule”) reflects the changes to the PPP program instituted by the latest COVID-19 stimulus package, including additional allowed expenses and how to calculate the maximum PPP loan amount.
The second interim final rule (the “Second Rule”) clarifies the terms of the Second Draw PPP. These clarifications include specifics on the following:
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