April 9, 2020
Last weekend, the Small Business Administration, in partnership with the Department of Treasury, published an interim final rule regarding Paycheck Protection Program loans available under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
Please see this overview presentation by NLI President and General Counsel John Peiffer for a summary of key information regarding the loan program.
In addition to the religious liberty matters addressed in our recent post, this presentation highlights additional changes issued through the guidance, including updates to:
-Affiliation rules, which now include a religious exemption;
-Loan interest rate (now 1.00%); and
-Restrictions on allowable uses (under the new guidance, at least 75% of the loan funds must be used for certain payroll costs- see Slide 4).