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Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations
636a36 this does not include Paycheck Protection Program second draw loans, section 7a37 of the Small Business Act 15 U.S.C. 636a37.
vi. The Applicant has not and will not receive a Shuttered Venue Operator grant from SBA.
vii. The President, the Vice President, the head of an Executive department, or a Member of Congress, or the spouse of such person as determined under applicable common law, does not directly or indirectly hold a controlling interest in the Applicant, with such terms having the meanings provided in section 322 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.
viii. The Applicant is not an issuer, the securities of which are listed on an exchange registered as a national securities exchange under section 6 of the Securities Exchange Act of 1934 15
U.S.C. 78f.
ix. I further certify that the information provided in this application and the information provided in all supporting documents and forms is true and accurate in all material respects. I
understand that knowingly making a false statement to obtain a guaranteed loan from SBA is punishable under the law, including under 18 U.S.C. 1001
and 3571 by imprisonment of not more than five years and/or a fine of up to $250,000; under 15 U.S.C. 645 by imprisonment of not more than two years and/or a fine of not more than $5,000; and, if submitted to a federally insured institution, under 18 U.S.C.
1014 by imprisonment of not more than thirty years and/or a fine of not more than $1,000,000.
x. I acknowledge that the Lender will confirm the eligible loan amount using required documents submitted. I
understand, acknowledge, and agree that the Lender can share the tax information with SBAs authorized representatives, including authorized representatives of the SBA Office of Inspector General, for the purpose of compliance with SBA Loan Program Requirements and all SBA reviews.

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13. Limited Safe Harbor With Respect to Certification Concerning Need for PPP
Loan Request 87
The CARES Act requires each applicant applying for a PPP loan to certify in good faith that the uncertainty of current economic conditions makes necessary the loan request to support the ongoing obligations of the applicant. SBA, in 87 This subsection has been added to codify the safe harbor contained in FAQ 46 posted May 13, 2020.

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consultation with the Department of the Treasury, issued additional guidance on May 13, 2020 concerning how SBA will review the required good-faith certification. See FAQ 46 posted May 13, 2020. This guidance included a safe harbor providing that any PPP borrower, together with its affiliates, that received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.
14. Can my PPP loan be forgiven in whole or in part? 88
Yes. The amount of loan forgiveness can be up to the full principal amount of the loan and any accrued interest. An eligible borrower will not be responsible for any loan payment if the borrower uses all of the loan proceeds for forgivable purposes and employee and compensation levels are maintained or, if not, an applicable safe harbor or exemption applies. The actual amount of loan forgiveness will depend, in part, on the total amount of payroll costs including employer contributions for group health, life, disability, vision and dental insurance, payments of interest on mortgage obligations incurred before February 15, 2020, rent payments on leases dated before February 15, 2020, utility payments for service that began before February 15, 2020, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures over the loan forgiveness covered period.89 Payroll costs that are qualified wages taken into account in determining the Employer Retention Credit are not eligible for loan forgiveness. The loan forgiveness covered period is the period beginning on the date the lender disburses the PPP
loan and ending on any date selected by the borrower that occurs during the period i beginning on the date that is 8 weeks after the date of disbursement and ii ending on the date that is 24
weeks after the date of disbursement.
To receive full loan forgiveness, a borrower must use at least 60 percent of 88 This subsection replaces the rule originally published at 85 FR 20811, subsection III.2.o April 15, 2020, as amended by 85 FR 36308 June 16, 2020 and has been modified to conform to the Economic Aid Act.
89 Covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures were added as eligible expenses in section 304 of the Economic Aid Act. Except for loans made pursuant to section 7a36 of the Small Business Act for which SBA
has remitted a loan forgiveness payment to the lender before December 27, 2020, these eligible expenses apply to any loan made before, on, or after December 27, 2020, including forgiveness of such a loan.

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the PPP loan for payroll costs, and not more than 40 percent of the loan forgiveness amount may be attributable to nonpayroll costs. For example, if a borrower uses 59 percent of its PPP loan for payroll costs, it will not receive the full amount of loan forgiveness it might otherwise be eligible to receive. Instead, the borrower will receive partial loan forgiveness, based on the requirement that 60 percent of the forgiveness amount must be attributable to payroll costs. For example, if a borrower receives a $100,000 PPP loan, and during the covered period the borrower spends $54,000 or 54 percent of its loan on payroll costs, then because the borrower used less than 60 percent of its loan on payroll costs, the maximum amount of loan forgiveness the borrower may receive is $90,000 with $54,000 in payroll costs constituting 60 percent of the forgiveness amount and $36,000 in nonpayroll costs constituting 40 percent of the forgiveness amount. Because the Economic Aid Act changed the loan forgiveness covered period from either an 8- or 24-week period to a covered period between 8 and 24 weeks at the election of the borrower, SBA is eliminating the alternative covered period as defined in the interim final rule published at 85 FR 33004, 33006
June 1, 2020, as amended.
Additionally, an eligible borrower that received a loan of $150,000 or less shall not, at the time of its application for loan forgiveness, be required to submit any application or documentation in addition to the certification and information required by paragraph 7Al1A of the Small Business Act. Such borrowers must retain records relevant to the form that prove compliance with the PPP
requirementswith respect to employment records, for the 4-year period following submission of the loan forgiveness application, and with respect to other records, for the 3-year period following submission of the loan forgiveness application. All other borrowers must follow the existing requirements for loan forgiveness applications and records retention. SBA
may review and audit PPP loans of $150,000 or less and access any records the borrower is required to retain. All borrowers with loans of any size must provide documentation independently to a lender to satisfy relevant Federal, State, local or other statutory or regulatory requirements or in connection with an SBA loan review.
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
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