diff --git a/NEWS b/NEWS
index e6349b635..bbe407ffa 100644
--- a/NEWS
+++ b/NEWS
@@ -3,6 +3,11 @@ For full details, see the git log at: https://github.com/ksh93/ksh/tree/1.0
 
 Any uppercase BUG_* names are modernish shell bug IDs.
 
+2022-07-27:
+
+- Fixed a bug introduced on 2022-02-08 where $PPID was incorrect when a script
+  without a #! path was executed.
+
 2022-07-26:
 
 - Fixed incorrect handling of initial zeros in test/[ and [[ arithmetic
diff --git a/src/cmd/ksh93/include/shell.h b/src/cmd/ksh93/include/shell.h
index d61caf737..d411259ef 100644
--- a/src/cmd/ksh93/include/shell.h
+++ b/src/cmd/ksh93/include/shell.h
@@ -250,6 +250,7 @@ struct Shell_s
 	pid_t		pid;		/* $$, the main shell's PID (invariable) */
 	pid_t		ppid;		/* $PPID, the main shell's parent's PID */
 	pid_t		current_pid;	/* ${.sh.pid}, PID of current ksh process (updates when subshell forks) */
+	pid_t		current_ppid;	/* PPID of current ksh process (updates when subshell forks) */
 	unsigned char	sigruntime[2];
 	Namval_t	*bltin_nodes;
 	Namval_t	*bltin_cmds;
diff --git a/src/cmd/ksh93/include/version.h b/src/cmd/ksh93/include/version.h
index fe3503a52..5aa32ded7 100644
--- a/src/cmd/ksh93/include/version.h
+++ b/src/cmd/ksh93/include/version.h
@@ -22,8 +22,8 @@
 #include <releaseflags.h>
 
 #define SH_RELEASE_FORK	"93u+m"		/* only change if you develop a new ksh93 fork */
-#define SH_RELEASE_SVER	"1.0.0-rc.2"	/* semantic version number: https://semver.org */
-#define SH_RELEASE_DATE	"2022-07-26"	/* must be in this format for $((.sh.version)) */
+#define SH_RELEASE_SVER	"1.0.0-rc.3"	/* semantic version number: https://semver.org */
+#define SH_RELEASE_DATE	"2022-07-27"	/* must be in this format for $((.sh.version)) */
 #define SH_RELEASE_CPYR	"(c) 2020-2022 Contributors to ksh " SH_RELEASE_FORK
 
 /* Scripts sometimes field-split ${.sh.version}, so don't change amount of whitespace. */
diff --git a/src/cmd/ksh93/sh/init.c b/src/cmd/ksh93/sh/init.c
index d5dbfa37c..0314bae08 100644
--- a/src/cmd/ksh93/sh/init.c
+++ b/src/cmd/ksh93/sh/init.c
@@ -1276,7 +1276,7 @@ Shell_t *sh_init(register int argc,register char *argv[], Shinit_f userinit)
 		sh_regress_init();
 #endif
 		sh.current_pid = sh.pid = getpid();
-		sh.ppid = getppid();
+		sh.current_ppid = sh.ppid = getppid();
 		sh.userid=getuid();
 		sh.euserid=geteuid();
 		sh.groupid=getgid();
@@ -1697,9 +1697,9 @@ int sh_reinit(char *argv[])
 	sh.inpipe = sh.outpipe = 0;
 	job_clear();
 	job.in_critical = 0;
-	/* update ${.sh.pid}, $$, $PPID */
-	sh.ppid = sh.current_pid;
-	sh.current_pid = sh.pid = getpid();
+	/* update $$, $PPID */
+	sh.ppid = sh.current_ppid;
+	sh.pid = sh.current_pid;
 	/* call user init function, if any */
 	if(sh.userinit)
 		(*sh.userinit)(&sh, 1);
diff --git a/src/cmd/ksh93/sh/xec.c b/src/cmd/ksh93/sh/xec.c
index 6d024378d..9b962d432 100644
--- a/src/cmd/ksh93/sh/xec.c
+++ b/src/cmd/ksh93/sh/xec.c
@@ -2852,6 +2852,7 @@ pid_t _sh_fork(register pid_t parent,int flags,int *jobid)
 	vmtrace(-1);
 #endif
 	/* This is the child process */
+	sh.current_ppid = sh.current_pid;
 	sh.current_pid = getpid();  /* ${.sh.pid} */
 	sh.outpipepid = ((flags&FPOU)?sh.current_pid:0);
 	if(sh.trapnote&SH_SIGTERM)
diff --git a/src/cmd/ksh93/tests/variables.sh b/src/cmd/ksh93/tests/variables.sh
index eef45c049..61eb54454 100755
--- a/src/cmd/ksh93/tests/variables.sh
+++ b/src/cmd/ksh93/tests/variables.sh
@@ -147,9 +147,16 @@ fi
 # PPID
 exp=$$
 got=${ $SHELL -c 'print $PPID'; }
-if	[[ ${ $SHELL -c 'print $PPID'; } != $$ ]]
-then	err_exit "PPID variable failed -- expected '$exp', got '$got'"
-fi
+[[ $got == $$ ]] || err_exit "PPID variable failed in -c script -- expected '$exp', got '$got'"
+print 'print $PPID' >ppid.sh
+chmod +x ppid.sh
+./ppid.sh >|out
+got=$(<out)
+[[ $got == $$ ]] || err_exit "PPID variable failed in script without #! -- expected '$exp', got '$got'"
+print -r "#!$SHELL"$'\nprint $PPID' >|ppid.sh
+./ppid.sh >|out
+got=$(<out)
+[[ $got == $$ ]] || err_exit "PPID variable failed in script with #! -- expected '$exp', got '$got'"
 # OLDPWD
 old=$PWD
 cd /