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Federal Register / Vol. 86, No. 23 / Friday, February 5, 2021 / Rules and Regulations
Representatives, and the Resident Commissioner from Puerto Rico.
If the borrower submitted a loan forgiveness application to its PPP lender before December 27, 2020, then the principal executive officer, or individual performing a similar function, of the borrower shall submit to its PPP lender an SBA Form 3508D
disclosing the controlling interests not later than January 26, 2021. If the PPP
lender has already submitted a forgiveness decision to SBA, the lender shall promptly transmit the SBA Form 3508D to SBA. Otherwise, the PPP
lender shall transmit the SBA Form 3508D to SBA at the time the lender issues its forgiveness decision to SBA. If the borrower submits a loan forgiveness application to its PPP lender on or after December 27, 2020, then the principal executive officer, or individual performing a similar function, of the borrower shall submit to its PPP lender an SBA Form 3508D disclosing the controlling interests not later than 30
days after submitting the application.
The PPP lender shall transmit the SBA
Form 3508D to SBA with the PPP
lenders forgiveness decision.
Alternatively, the PPP lender may transmit the completed Form 3508D to SBA when received.
An entity is prohibited from receiving a PPP loan after December 27, 2020 if a controlling interest is held directly or indirectly by the President of the United States, Vice President of the United States, the head of an Executive department, or a Member of Congress, or the spouse of any of the preceding.71
7. Lender Hold Harmless 72

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Under what circumstances may a lender rely on a certification or documentation submitted by an eligible PPP borrower that received a PPP loan?
A lender may rely on any certification or documentation submitted by a PPP
applicant or an eligible PPP borrower that received a PPP loan thata is submitted pursuant to all applicable statutory requirements, regulations, and guidance related to a PPP loan, including sections 7a36, 7a37, and 7A of the Small Business Act; and b attests that the PPP applicant or eligible PPP borrower, as applicable, has accurately provided the certification or documentation to the lender in accordance with the statutory 71 See subsection III.B.2.a. of the consolidated interim final rule implementing updates to the Paycheck Protection Program, 86 FR 3692, 3698
Jan. 14, 2021; subsection III.e.6. of the interim final rule for Second Draw PPP loans, 86 FR 3712, 3719 Jan. 14, 2021.
72 This section has been added to conform to section 305 of the Economic Aid Act.

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requirements, regulations, and guidance described in a. With respect to a lender that relies on a borrower certification or documentation meeting the requirements of this subsection, an enforcement action may not be taken against the lender related to the PPP
loan, and the lender shall not be subject to any penalties relating to loan origination or forgiveness of the PPP
loan, if:
i The lender acts in good faith relating to loan origination or forgiveness of the PPP loan based on that reliance; and ii all other relevant Federal, State, local, and other statutory and regulatory requirements applicable to the lender are satisfied with respect to the PPP
loan.73

Form 3508, 3508EZ, 3508S, or lenders equivalent form. With respect to a Second Draw PPP Loan, this may include a review of whether the borrower experienced the 25 percent revenue reduction required under the Economic Aid Act.
Loan Amounts and Use of Proceeds:
The Administrator may review whether a borrower calculated the loan amount correctly and used loan proceeds for the allowable uses specified in the CARES
Act and the Economic Aid Act.
Loan Forgiveness Amounts: The Administrator may review whether a borrower is entitled to loan forgiveness in the amount claimed on the borrowers Loan Forgiveness Application SBA Form 3508, 3508EZ, 3508S, or lenders equivalent form.

V. Paycheck Protection Program SBA
Loan Review Procedures and Related Borrower and Lender Responsibilities
c. When will SBA undertake a loan review? 77
For a PPP loan of any size, SBA may undertake a review at any time in SBAs discretion. For example, SBA may review a loan if the loan documentation submitted to SBA by the lender or any other information indicates that the borrower may be ineligible for a PPP
loan, or may be ineligible to receive the loan amount or loan forgiveness amount claimed by the borrower.78
Additionally, section 7Al1E of the Small Business Act expressly provides that SBA may review and audit PPP
loans of $150,000 or less and access any records the borrower is required to retain. SBA may, in its discretion, review a borrowers First Draw PPP
Loan and Second Draw PPP Loan at the same time or at different times. For loans of more than $150,000, as noted on the loan forgiveness application forms, the borrower must retain PPP
documentation in its files for six years after the date the loan is forgiven or repaid in full. For loans of $150,000 and under, the borrower must retain records relevant to the form that prove compliance with the requirements of section 7a36 or 7a37, as applicable, of the Small Business Act for employment records, for the 4-year period following submission of the loan forgiveness application, and for other records, for the 3-year period following submission of the loan forgiveness application. All borrowers must permit authorized representatives of SBA, including representatives of its Office of Inspector General, to access such files upon request. Additionally, all borrowers must provide documentation
1. SBA Reviews of Individual PPP Loans a. Will SBA review individual PPP
loans? 74
Yes. SBA may review any PPP loan, as the Administrator deems appropriate, as described below.
b. What borrower representations and statements will SBA review? 75
The Administrator is authorized to review the following:
Borrower Eligibility: The Administrator may review whether a borrower is eligible for the PPP loan based on the provisions of the CARES
Act, the Economic Aid Act, the rules and guidance available at the time of the borrowers PPP loan application, and the terms of the borrowers loan application. See FAQ 17 posted April 6, 2020.76 These include, but are not limited to, SBAs regulations under 13
CFR 120.110 as modified and clarified by the PPP Interim Final Rules and 13
CFR 121.301f and the information, certifications, and representations on the Borrower Application Form SBA
Form 2483, 2483SD, or lenders equivalent form and the Loan Forgiveness Application Form SBA
73 This provision is effective as if included in the CARES Act and shall apply to any loan made pursuant to section 7a36 or 7a37 of the Small Business Act before, on, or after the date of enactment of the Economic Aid Act, including forgiveness of such a loan.
74 This subsection was originally published at 85
FR 33010, subsection III.1.a. June 1, 2020.
75 This subsection was originally published at 85
FR 33010, subsection III.1.b. June 1, 2020 and amended by 85 FR 38304, subsection III.2.a. June 26, 2020 and 85 FR 66214, subsection III.2.a. Oct.
19, 2020 and has been modified to conform to section 311 of the Economic Aid Act.
76 https www.sba.gov/document/supportfaqlenders-borrowers.

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77 This subsection was originally published at 85
FR 33010, subsection III.1.c. June 1, 2020 and has been modified to conform to sections 307 and 311
of the Economic Aid Act.
78 13 CFR 120.524c.

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