Illinois Bankers Association

Illinois Bankers Association

Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program Facility

On April 9, 2020, the federal bank regulatory agencies announced an interim final rule to encourage lending to small businesses through the Small Business Administration’s Paycheck Protection Program, or PPP.  The PPP was established by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, and provides loans to small businesses so that they can keep their workers on the payroll during the disruptions caused by the coronavirus.

Read the Interim Final Rule

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