Paycheck Protection Program Will be First-Come, First-Served

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Bond Schoeneck & King PLLC

The U.S. Small Business Administration (SBA) issued an Interim Final Rule with respect to the Paycheck Protection Program (PPP) loan. In this rule, the SBA confirmed that the PPP loan applications will be processed on a first-come, first-served basis. We encourage you to contact your lender and submit an application at your earliest convenience if you plan on participating in this loan program. Please note that the Interim Final Rule also increased the previously publicized interest rate on the loan from .5% to 1.0%.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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