The voice of criminal justice reform has been incorporated into the Paycheck Protection Program in a limited scale.
The Small Business Administration’s June 12 press release announced a reduced criminal background look-back period for eligibility, and provided new interim rules and forms to align with the Paycheck Protection Flexibility Act. More importantly, small businesses that haven’t applied for this program can still apply by June 30, 2020.
- Reduced look-back period from 5 years to 1 year to determine eligibility for non-financial felonies. For felonies involving fraud, bribery, embezzlement, or a false statement in loan or federal financial aid applications, the look-back period remains 5 years.
- Updated forms and rules include the following:
- New interim Final Rules
- New Borrower Application
To understand updated rules regarding loan forgiveness, Washington Retail encourages our audience to start with the U.S. Chamber’s user-friendly Guide to PPP Loan Forgiveness updated document before reviewing the fine print in the SBA final rule document.