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Federal Register / Vol. 86, No. 23 / Friday, February 5, 2021 / Rules and Regulations
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3 the optional PPP Borrower Demographic Information Form if submitted to the lender; and 4 the SBA Form 3508D, if applicable.
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, and 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. The lender must also notify the borrower in writing that the lender has issued a decision to SBA denying the loan forgiveness application and provide SBA with a copy of the notice.89 The notice to the borrower must include the reasons that the lender concluded that the borrower is not entitled to loan forgiveness in any amount and inform the borrower that the borrower has 30
calendar days from receipt of the notification to seek, through the lender, SBA review of the lenders decision.90
SBA reserves the right to review the lenders decision in its sole discretion.
Within 30 days of notice from the lender, a borrower may notify the lender that it is requesting that SBA review the lenders decision in accordance with subsection V.2.c. below. Within 5 days of receipt, the lender must notify SBA
of the borrowers request for review.
SBA will notify the lender if SBA
decides to review the lenders decision or if SBA declines a request for review.
If the borrower does not timely request SBA review or SBA declines the request for review, the lender is responsible for notifying the borrower of the date on which the borrowers first payment is due. If SBA accepts a borrowers request for review, SBA will notify the borrower and the lender of the results of the review. If SBA denies forgiveness in whole or in part, the lender is 89 This
change has been made so that SBA can determine whether the borrower requested review within the appropriate time frame.
90 This text has been added to clarify the information that will be provided to borrowers regarding the lenders forgiveness decision.

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responsible for notifying the borrower of the date on which the borrowers first payment is due.
c. What should a lender do if it receives notice that SBA is reviewing a loan? 91
SBA may begin a review of any PPP
loan of any size at any time in SBAs discretion. SBA may, in its discretion, review the borrowers First Draw PPP
Loan and Second Draw PPP Loan at the same time or at different times. If SBA
undertakes such a review, SBA will notify the lender in writing and the lender must notify the borrower in writing within five business days of receipt.
Within five business days of receipt of such notice, the lender shall transmit to SBA electronic copies of the following:
i. The Borrower Application Form SBA Form 2483, 2483SD, or lenders equivalent form and all supporting documentation provided by the borrower, including revenue reduction documentation provided by the borrower on a Second Draw PPP Loan.
ii. The Loan Forgiveness Application SBA Form 3508, 3508EZ, 3508S, or lenders equivalent form, and all supporting documentation provided by the borrower if the lender has received such application, including revenue reduction documentation provided by the borrower on a Second Draw PPP
Loan of $150,000 or less if not provided at the time of loan application. If the lender receives the borrowers loan forgiveness application after it receives notice that SBA has commenced a loan review, the lender shall transmit electronic copies of the application and all supporting documentation provided by the borrower to SBA within five business days of receipt.
The lender must also request that the borrower provide the lender with the applicable documentation that the instructions to the Loan Forgiveness Application Form SBA Form 3508, 3508EZ, 3508S, or lenders equivalent instruct the borrower to maintain but not submit documentation listed under Documents that Each Borrower Must Maintain but is Not Required to Submit.
For Second Draw PPP Loans of $150,000 or less where a loan forgiveness application has not been submitted by the borrower, the lender must also request that the borrower provide the lender with revenue 91 This subsection was originally published at 85
FR 33010, subsection III.2.c. 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 section 311 of the Economic Aid Act and updates to SBA loan review procedures.

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reduction documentation, if not previously provided to the lender.
The lender must submit documents received from the borrower to SBA
within five business days of receipt from the borrower.
iii. A signed and certified transcript of account.
iv. A copy of the executed note evidencing the PPP loan.
v. Any memorandum or other analysis that the lender prepared in making its decision on the borrowers loan forgiveness application, if applicable.
vi. Any other documents related to the loan requested by SBA.
If SBA has notified the lender that SBA has commenced a loan review, the lender should issue a forgiveness decision to SBA not later than 60 days after receipt of the complete loan forgiveness application from the borrower, unless otherwise directed by SBA.
d. What should a lender do if a borrower submits documentation of eligible costs that exceed a borrowers PPP Loan Amount? 92
The amount of loan forgiveness that a borrower may receive cannot exceed the principal amount of the PPP loan.
Whether a borrower submits SBA Form 3508, 3508EZ, 3508S, or lenders equivalent form, a lender should confirm receipt of the documentation the borrower is required to submit to aid in verifying payroll and nonpayroll costs, and, if applicable for SBA Form 3508, 3508EZ, or lenders equivalent form, confirm the borrowers calculations on the borrowers Loan Forgiveness Application, up to the amount required to reach the requested Forgiveness Amount. Supporting documentation regarding a borrowers payroll and nonpayroll costs is not required to be submitted to the lender with the SBA Form 3508S.
3. Lender Fees 93
Are lender processing fees subject to clawback if a lender has not fulfilled its obligations under PPP regulations?
A lender is required to repay the processing fee to SBA if a lender is found guilty of an act of fraud in connection with the PPP loan. In such 92 This subsection was originally published at 85
FR 66214, subsection III.2.c. Oct. 19, 2020 and has been modified to conform to section 307 of the Economic Aid Act.
93 This section was originally published at 85 FR
33010, subsection III.3. June 1, 2020 and has been modified to conform to section 340 of the Economic Aid Act. Section 340 of the Economic Aid Act provides that a lender may not be required to repay a processing fee unless the lender is found guilty of an act of fraud in connection with the PPP loan.

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