The U.S. Small Business Administration (SBA), in consultation with the U.S. Department of the Treasury, have issued new and revised guidance for the Paycheck Protection Program (PPP). This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law by President Trump on June 5, 2020, and expands eligibility for businesses with owners who have past felony convictions. To implement the PPPFA, SBA revised its first PPP interim final rule, which was posted on April 2, 2020. The new rule updates provisions relating to loan maturity, deferral of loan payments, and forgiveness provisions. The eligibility threshold for those with felony criminal histories has been changed. The look-back period has been reduced from five years to one year to determine eligibility for applicants, or owners of applicants, who, for non-financial felonies, have: (1) been convicted, (2) pleaded guilty, (3) pleaded nolo contendere, or (4) been placed on any form of parole or probation (including probation before judgment).
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