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SBA, Treasury Update FAQs

SBA, Treasury Update FAQs

Posted: Apr 15 2020
The SBA and the Treasury Department issued three new FAQs Monday afternoon. One of the newly added FAQs (#28) clarifies that lenders must have collected borrower certifications and reviewed borrowers’ payroll cost calculations and documentation before submitting the loan in the SBA’s E-Tran system. Lenders who did not complete steps in this order do not need to withdraw applications submitted before April 14 but must fulfill their duties on those applications “as soon as practicable and no later than loan closing.”

Two other FAQs relate to approvals by the SBA’s Standards of Conduct Committee, which approves loan applications by businesses owned or run by current SBA employees, members of Congress, appointed officials, legislative or judicial branch employees, other SBA-affiliated individuals and their household members. Approval by the SCC, and statements of “no objection” from other government departments and agencies, are not required for PPP loans.
 
To read the updated FAQs visit: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
 

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