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.