The Small Business Administration today released an Interim Final Rule concerning the Paycheck Protection Program. The Interim Rule provides clarification for Borrowers seeking to calculate the loan amounts available, as well as additional guidance regarding Program eligibility. Importantly, the Interim Rule clarifies that Independent Contractors do not count as Employees for purposes of the PPP. Independent Contractors have the ability to apply on their own.
Finally, the Interim Rule provides for an increase in the interest rate on the loan from 50 to 100 basis points, or 1%.