The Small Business Administration (SBA) issued final interim rules regarding the CARES Act Paycheck Protection Program on the evening of April 2, 2020, shortly after Wilson Elser released a client alert regarding the CARES Act, now amended at “Small Business Administration Announces Access to Emergency Relief Loans.”

The interim final rules contain two changes to the information provided in the original alert. The SBA:

• Announced that the interest rate on PPP loans would be 1.0% per annum (not the 0.5% per annum previously reported).
• Clarified that repayments on such loans would be deferred for six months.