Speaking of the Paycheck Protection Program, the Small Business Administration (SBA) released a new version of the Q & A guidance on the program on Wednesday of this week. The SBA, in consultation with the US Department of Treasury have made a number of refinements to the program since it passed Congress last week and was signed into law by President Trump. Primary amongst these changes is a reduction in the term of the PPP loan from the original 10 years to the current 2 year term along with an increase in the interest rate from the previously announced 0.5% to 1%. In addition, lenders are now allowed to charge a fee to process the loan whereas the PPP originally prohibited such fees. All that said, PPP loans are still 100% forgivable so long as certain criteria are met. The PPP Interim Final Rule details all of the current program parameters.