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On April 2, 2020, the U.S. Small Business Administration (SBA) issued an interim final rule (the Initial Rule), found here,  for administration of the Paycheck Protection Program(PPP) created under the CARES Act.

While many business owners considering a PPP loan have focused on the requirements for loan forgiveness, many may be unaware that the Initial Rule may subject them to liability for fraud if they knowingly spend more than 25% of PPP proceeds on non-payroll costs.

75% of PPP Proceeds “Shall” be Used for Payroll

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