Under the new guidance, the eligibility threshold for those with felony criminal histories has been changed. The look-back period has been reduced from 5 years to 1 year to determine eligibility for applicants, or owners of applicants, who, for non-financial felonies, have:
- been convicted,
- pleaded guilty,
- pleaded no contendere, or
- been placed on any form of parole or probation (including probation before judgment).
The period remains 5 years for felonies involving fraud, bribery, embezzlement, or a false statement in a loan application or an application for federal financial assistance. The application also eliminates pretrial diversion status as a criterion affecting eligibility.
SBA has revised the PPP borrower application to conform to these changes. SBA says it will issue additional guidance regarding loan forgiveness and a revised forgiveness application to implement the Paycheck Protection Program Flexibility Act in the near future.
For questions, please contact Director of Government Affairs Kevin McKenney at
kevin@dealer.org
.
