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Federal Register / Vol. 86, No. 23 / Friday, February 5, 2021 / Rules and Regulations
a good-faith review, in a reasonable time, of the borrowers calculations and supporting documents concerning amounts eligible for loan forgiveness.
For example, minimal review of calculations based on a payroll report by a recognized third-party payroll processor would be reasonable. By contrast, if payroll costs are not documented with such recognized sources, more extensive review of calculations and data would be appropriate. The borrower shall not receive forgiveness without submitting all required documentation to the lender.
As the First Interim Final Rule 84 and section IV.7 above indicate, lenders may rely on borrower representations. If the lender identifies errors in the borrowers calculation or material lack of substantiation in the borrowers supporting documents, the lender should work with the borrower to remedy the issue. As stated in paragraph III.3.c of the First Interim Final Rule, the lender does not need to independently verify the borrowers reported information if the borrower submits documentation supporting its request for loan forgiveness and attests that it accurately verified the payments for eligible costs.
When a borrower submits SBA Form 3508S or lenders equivalent form, the lender shall:
i. Confirm receipt of the borrower certifications contained in the SBA
Form 3508S or lenders equivalent form.
ii. In the case of a Second Draw PPP
Loan for which the borrower did not provide documentation of revenue reduction with its application and the lender did not conduct a review of the documentation at the time of application, confirm the dollar amount and percentage of the borrowers revenue reduction by performing a good faith review, in a reasonable time, of the borrowers calculations and supporting documents concerning the borrowers revenue reduction.85
If the lender identifies errors in the borrowers calculation or material lack of substantiation in the borrowers supporting documents regarding revenue reduction, the lender should work with the borrower to remedy the issue. Providing an accurate calculation of the loan forgiveness amount is the responsibility of the borrower, and the borrower attests to the accuracy of its reported information and calculations on the Loan Forgiveness Application.
84 85

FR 20811, 2081520816 Apr. 15, 2020.
subsection h2iD of the interim final rule on Second Draw PPP Loans. 86 FR 3712, 3721
Jan. 14, 2021.
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The borrower shall not receive forgiveness without submitting all required documentation to the lender.
As the First Interim Final Rule 86 and section IV.7 above indicate, lenders may rely on borrower representations. As stated in paragraph III.3.c of the First Interim Final Rule, the lender does not need to independently verify the borrowers reported information if the borrower submits documentation supporting its request for loan forgiveness if required and attests that it accurately verified the payments for eligible costs.
b. What is the timeline for the lenders decision on a loan forgiveness application? 87
The lender must issue a decision to SBA on a loan forgiveness application not later than 60 days after receipt of a complete loan forgiveness application from the borrower. That decision may take the form of an approval in whole or in part; denial; or if directed by SBA a denial without prejudice due to a pending SBA review of the loan for which forgiveness is sought. In the case of a denial without prejudice, the borrower may subsequently request that the lender reconsider its application for loan forgiveness, unless SBA has determined that the borrower is ineligible for a PPP loan. The Administrator has determined that this process appropriately balances the need for efficient processing of loan forgiveness applications with considerations of program integrity, including affording SBA the opportunity to ensure that borrower representations and certifications including concerning eligibility for a PPP loan were accurate.
When the lender issues its decision to SBA approving the application in whole or in part, it must include the following:
i. For applications submitted using the SBA Form 3508 or lenders equivalent form:
1 The PPP Loan Forgiveness Calculation Form;
2 PPP Schedule A;
3 the optional PPP Borrower Demographic Information Form if submitted to the lender; and 4 the SBA Form 3508D, if applicable.
86 85

FR 20811, 2081520816 Apr. 15, 2020.
subsection was originally published at 85
FR 33010, subsection III.2.b. June 1, 2020 and amended by 85 FR 38304, subsection III.2.b. June 26, 2020 and 85 FR 66214, subsection III.2.b. Oct.
19, 2020 and has been modified to conform to sections 311, 322, and 333 of the Economic Aid Act and for readability.
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ii. For applications submitted using the SBA Form 3508EZ, 3508S, or lenders equivalent form:
1 The SBA Form 3508EZ, 3508S, or lenders equivalent form;
2 the optional Borrower Demographic Information Form if submitted to the lender; and 3 the SBA Form 3508D, if applicable.
The lender must confirm that the information provided by the lender to SBA accurately reflects lenders records for the loan, that the lender has made its decision in accordance with the requirements set forth in subsection V.2.a., and for a Second Draw PPP Loan of $150,000 or less, if applicable, the lender has reviewed the revenue reduction documentation provided by the borrower and confirmed the dollar amount and percentage of the borrowers revenue reduction. If the lender determines that the borrower is entitled to forgiveness of some or all of the amount applied for under the statute and applicable regulations, the lender must request payment from SBA at the time the lender issues its decision to SBA. SBA will, subject to any SBA
review of the borrowers loans or loan applications, remit the appropriate forgiveness amount to the lender, plus any interest accrued through the date of payment, not later than 90 days after the lender issues its decision to SBA. The EIDL Advance Amount received by the borrower will not reduce the amount of forgiveness to which the borrower is entitled and will not be deducted from the forgiveness payment amount that SBA remits to the Lender.88 The lender is responsible for notifying the borrower of remittance by SBA of the loan forgiveness amount or that SBA
determined that no amount of the loan is eligible for forgiveness and the date on which the borrowers first payment is due, if applicable.
When the lender issues its decision to SBA determining that the borrower is not entitled to forgiveness in any amount, the lender must provide SBA
with the reason for its denial, together with the following:
i. For applications submitted using the SBA Form 3508 or lenders equivalent form:
1 The PPP Loan Forgiveness Calculation Form;
2 PPP Schedule A;
88 Section 333 of the Economic Aid Act repealed the CARES Act provision requiring SBA to deduct EIDL Advance Amounts received by borrowers from the forgiveness payment amounts remitted by SBA
to the lender. Any EIDL Advance Amounts previously deducted from a borrowers forgiveness amount will be remitted to the lender, together with interest to the remittance date.

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