Yes, SBA.com® is compensated for the promotion of various credit intermediaries and partner services. For more information, visit our Advertiser Disclosure. Approximately 30,000 of the 5.2 million PPP loans were, according to SBA data, for $2 million or more. Yes, yes. The Federal Reserve has authorized the Federal Reserve Banks to implement the Paycheck Protection Program liquidity facility (the PPPL facility). The PPPL facility allows each Federal Reserve Bank to extend loans without recourse to all SBA-approved PPP lenders to finance loans made by these lenders under the P3 program. SBA-qualified PPP lenders include banks, credit unions, Community financial institutions, members of the agricultural credit system, SBA-licensed small business credit firms and some financial technology companies. There is no need for a review for existing bank customers. If your bank has not yet collected information on actual beneficiaries regarding existing customers, you do not need to collect and verify actual beneficiary information for customers applying for new PPP loans, unless your BSA policies and procedures are prescribed by other provisions. In an email to lenders, SB indicated that they were receiving notification letters inviting borrowers to complete the corresponding questionnaire. After receiving the questionnaire from the lender that insures its PPP loan, borrowers receive 10 business days to return the completed form and have requested supporting documents from the lender. It is not certain that there will be some flexibility within the allotted time.
On June 5, 2020, the Paycheck Protection Program Flexibility Act of 2020 (PPPFA) was signed to allow borrowers to obtain facilities under the PPP program. The PPPFA amends the original CARES Act to update the terms of the P3 program to make the program conditions more favourable for borrowers who borrow (or have taken out) p3s. In particular, PPPFA provides for the following changes to the P3 program: in the event of a „change of ownership,“ the PPP borrower remains responsible (i) for the performance of all of the borrower`s obligations under the ppp loan; (ii) certifications that this borrower is in relation to ppp loan application, including certification of economic necessity; and (iii) compliance with all other requirements applicable to borrowers under the PPP program.