The Treasury Department released an additional IFR to support the CARES Act and specifically the Paycheck Protection Program. This IFR addresses questions regarding disbursement of the approved loans. It clarifies many common questions and is plugging loopholes that small businesses and banks were planning to use to maximize funds eligible for relief. The IFR indicates that lenders must disburse all of the funds within 10 calendar days of the SBA approval. The 8-week period will start on the day of disbursement. If the loan documents are not signed and finalized with the bank within 20 days of SBA approval, the loan will be canceled. Lenders will be required to send Form 1502 to the SBA electronically within 20 calendar days of SBA approval reporting the disbursement of funds.
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