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Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations by SBA to the lender. 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. Any EIDL
Advance Amounts previously deducted from a borrowers forgiveness amount will be remitted to the lender, together with interest to the remittance date.
15. Do independent contractors count as employees for purposes of PPP loan forgiveness? 90
No, independent contractors have the ability to apply for a PPP loan on their own so they do not count for purposes of a borrowers PPP loan forgiveness.
16. For loans made prior to December 27, 2020, what additional documentation must a borrower submit when 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, directly or indirectly holds a controlling interest in the borrower?
For PPP loans made before December 27, 2020, if 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 such person as determined under applicable common law, directly or indirectly holds a controlling interest in the borrower, the principal executive officer, or individual performing a similar function, of the borrower must disclose that information to SBA. Such disclosure must be made not later than January 26, 2021, if the borrower submitted an application for forgiveness before December 27, 2020, or not later than 30 days after submitting an application for forgiveness.

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C. What do lenders need to know and do?
1. Who is eligible to make PPP loans? 91
a. All SBA 7a lenders are automatically approved to make PPP
loans on a delegated basis.
b. The Act provides that the authority to make PPP loans can be extended to additional lenders determined by the Administrator and the Secretary to have the necessary qualifications to process, close, disburse, and service loans made with the SBA guarantee. Since SBA is 90 This subsection was originally published at 85
FR 20811, subsection III.2.p. April 15, 2020.
91 This subsection was originally published at 85
FR 20811, subsection III.3.a. April 15, 2020 and has been modified to conform to additional interim final rules or guidance and sections 323 and 343 of the Economic Aid Act.

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authorized to make PPP loans and loans under section 7a37 of the Small Business Act up to $806.45 billion by March 31, 2021, the Adminstrator and the Secretary have jointly determined that authorizing additional lenders is necessary to achieve the purpose of allowing as many eligible borrowers as possible to receive loans by the March 31, 2021 deadline.
c. The following types of lenders have been determined to meet the criteria and are eligible to make PPP loans unless they currently are designated in Troubled Condition by their primary Federal regulator or are subject to a formal enforcement action with their primary Federal regulator that addresses unsafe or unsound lending practices:
i. Any federally insured depository institution or any federally insured credit union;
ii. Any Farm Credit System institution 92 other than the Federal Agricultural Mortgage Corporation as defined in 12 U.S.C. 2002a that applies the requirements under the Bank Secrecy Act and its implementing regulations collectively, BSA as a federally regulated financial institution, or functionally equivalent requirements that are not altered by this rule; and iii. Any depository or non-depository financing provider that originates, maintains, and services business loans or other commercial financial receivables and participation interests;
has a formalized compliance program;
applies the requirements under the BSA
as a federally regulated financial institution, or the BSA requirements of an equivalent federally regulated financial institution; has been operating since at least February 15, 2019, and has originated, maintained, or serviced more than $50 million in business loans or other commercial financial receivables during a consecutive 12 month period in the past 36 months, or is a service provider to any insured depository institution that has a contract to support such institutions lending activities in accordance with 12 U.S.C. 1867c and 92 Section
314 of the Economic Aid Act contains the following information related to Farm Credit System Institutions: 1 APPLICABLE RULES.
Solely with respect to loans under paragraphs 36
and 37 of section 7a of the Small Business Act 15 U.S.C. 636a, Farm Credit Administration regulations and guidance issued as of July 14, 2020, and compliance with such regulations and guidance, shall be deemed functionally equivalent to requirements referenced in section 3aiiiII of the interim final rule of the Administration entitled Business Loan Program Temporary Changes;
Paycheck Protection Program 85 FR 20811 April 15, 2020 or any similar requirement referenced in that interim final rule in implementing such paragraph 37.

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is in good standing with the appropriate Federal banking agency.93
d. Qualified institutions described in 1.c.i. and ii. will be automatically qualified under delegated authority by the SBA upon transmission of CARES
Act Section 1102 Lender Agreement SBA Form 3506 unless they currently are designated in Troubled Condition by their primary Federal regulator or are subject to a formal enforcement action by their primary Federal regulator that addresses unsafe or unsound lending practices.
e. A non-bank lender may be approved to make PPP loans if it has originated, maintained, or serviced more than $10 million in business loans or other commercial financial receivables during a 12-month period in the past 36
months, if the non-bank lender is 1 a community development financial institution other than a federally insured bank or federally insured credit union or 2 a majority minority-, women-, or veteran/military-owned lender.94
2. Do lenders have to register in SAM.gov to make PPP loans? 95
Yes. Given the exigent circumstances in which small businesses and lenders currently find themselves due to the COVID19 pandemic, PPP lenders will have thirty 30 days from the date of the first PPP loan disbursement made by them after December 27, 2020 to complete SAM registration and provide SBA with the lenders unique entity identifier.
3. What do lenders have to do in terms of loan underwriting? 96
Each lender shall:
a. Confirm receipt of borrower certifications contained in Paycheck Protection Program Borrower Application Form SBA Form 2483
issued by the Administration or lenders equivalent form;
b. Confirm receipt of information demonstrating that a borrower was either an eligible self-employed individual, independent contractor, or 93 This subsection c.iii. was modified to implement the rule originally published at 85 FR
26324, subsection III.2.a. May 4, 2020.
94 Lenders described in this subsection e. should follow the special instructions in footnote 1 of the 1102 Lender AgreementNon-Bank and NonInsured Depository Institution Lenders SBA Form 3507. This subsection e. was adapted from the rule originally published at 85 FR 26324, subsection III.2.b. May 4, 2020.
95 This subsection adds a new requirement that all PPP lenders must register in SAM.gov. See 2 CFR
25.110c2iii.
96 This subsection was originally published at 85
FR 20811, subsection III.3.b. April 15, 2020 and has been modified to conform to additional rules or guidance and the Economic Aid Act.

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