Voglio sapere a riguardo di…

khammond on DSKJM1Z7X2PROD with RULES6

3708

Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations
sole proprietorship with no employees or had employees for whom the borrower paid salaries and payroll taxes on or around February 15, 2020;
c. Confirm the dollar amount of average monthly payroll costs for 2019
or 2020 by reviewing the payroll documentation submitted with the borrowers application; 97 and d. Follow applicable BSA
requirements:
i. Federally insured depository institutions and federally insured credit unions should continue to follow their existing BSA protocols when making PPP loans to either new or existing customers who are eligible borrowers under the PPP. PPP loans for existing customers will not require reverification under applicable BSA
requirements, unless otherwise indicated by the institutions risk-based approach to BSA compliance.
ii. Entities that are not presently subject to the requirements of the BSA, should, prior to engaging in PPP lending activities, including making PPP loans to either new or existing customers who are eligible borrowers under the PPP, establish an anti-money laundering AML compliance program equivalent to that of a comparable federally regulated institution. Depending upon the comparable federally regulated institution, such a program may include a customer identification program CIP, which includes identifying and verifying their PPP borrowers identities including e.g., date of birth, address, and taxpayer identification number, and, if that PPP borrower is a company, following any applicable beneficial ownership information collection requirements. Alternatively, if available, entities may rely on the CIP of a federally insured depository institution or federally insured credit union with an established CIP as part of its AML
program. In either instance, entities should also understand the nature and purpose of their PPP customer relationships to develop customer risk profiles. Such entities will also generally have to identify and report certain suspicious activity to the U.S.
Department of the Treasurys Financial Crimes Enforcement Network FinCEN.
If such entities have questions with regard to meeting these requirements, they should contact the FinCEN
Regulatory Support Section at FRC@
fincen.gov. In addition, FinCEN has created a COVID19-specific contact channel, via a specific drop-down category, for entities to communicate to FinCEN COVID19-related concerns 97 See PPP FAQ 1 April 3, 2020 for further information on this step.

VerDate Sep<11>2014

00:10 Jan 14, 2021

Jkt 253001

while adhering to their BSA obligations.
Entities that wish to communicate such COVID19-related concerns to FinCEN
should go to www.FinCEN.gov, click on Need Assistance, and select COVID19 in the subject drop-down list.
Each lenders underwriting obligation under the PPP is limited to the items above and reviewing the Paycheck Protection Borrower Application Form.
Borrowers must submit such documentation as is necessary to establish eligibility such as payroll records, payroll tax filings, or Form 1099MISC, Schedule C or F, income and expenses from a sole proprietorship, or bank records. For borrowers that do not have any such documentation, the borrower must provide other supporting documentation, such as bank records, sufficient to demonstrate the qualifying payroll amount.
A lender may rely on any certification or documentation submitted by an applicant for a PPP loan or an eligible recipient or eligible entity that A is submitted pursuant to all applicable statutory requirements, regulations, and guidance related to a PPP loan, including under paragraph 7a36 of the Small Business Act 15 U.S.C.
636a36; and B attests that the applicant, eligible recipient, or eligible entity, as applicable, has accurately provided the certification or documentation to the lender in accordance with the statutory requirements, regulations, and guidance related to PPP loans. With respect to a lender that relies on such a certification or documentation related to a PPP loan, an enforcement action may not be taken against the lender, and the lender shall not be subject to any penalties relating to loan origination or forgiveness of the PPP loan, ifA the lender acts in good faith relating to loan origination or forgiveness of the PPP loan based on that reliance; and B all other relevant Federal, State, local, and other statutory and regulatory requirements applicable to the lender are satisfied with respect to the PPP loan.98
4. Can lenders rely on borrower documentation for loan forgiveness? 99
Yes. The lender does not need to independently verify the borrowers 98 This paragraph was added to conform to section 305 of the Economic Aid Act. This shall be effective as if included in the CARES Act and shall apply to any loan made before, on, or after December 27, 2020, including forgiveness of such a loan.
99 This subsection was originally published at 85
FR 20811, subsection III.3.c. April 15, 2020 and has been modified for readability. SBA also intends
PO 00000

Frm 00018

Fmt 4701

Sfmt 4700

reported information if the borrower submits documentation supporting its request for loan forgiveness and attests that it accurately verified the payments for eligible costs.
5. What fees will lenders be paid? 100
For PPP loans made on or after December 27, 2020, SBA will pay lenders fees, based on the balance of the financing outstanding at the time of disbursement of the loan, for processing PPP loans in the following amounts:
i. For loans of not more than $50,000, an amount equal to the lesser of fifty 50 percent or $2,500;
ii. Five 5 percent for loans of more than $50,000 and not more than $350,000;
iii. Three 3 percent for loans of more than $350,000 and less than $2,000,000;
and iv. One 1 percent for loans of at least $2,000,000.
SBA will pay the fee not later than 5
days after the reported disbursement of the PPP loan and, as required by the Economic Aid Act, may not require the fee to be repaid by the lender unless the lender is found guilty of an act of fraud in connection with the PPP loan.
6. Can PPP loans be sold into the secondary market? 101
Yes. A PPP loan may be sold on the secondary market after the loan is fully disbursed. A PPP loan may be sold on the secondary market at a premium or a discount to par value.
7. Do the requirements for loan pledges under 13 CFR 120.434 apply to PPP
loans pledged for borrowings from a Federal Reserve Bank FRB or advances by a Federal Home Loan Bank FHLB? 102
No. Pursuant to SBA regulations at 13
CFR 120.435d and e, a pledge of 7a loans to a FRB or FHLB does not require SBAs prior written consent or notice to SBA. SBA, in consultation with Treasury, has determined that for purposes of loans made under the PPP, the additional requirements set forth in 120.434 shall also not apply. This would mean, for example, that SBA
would not have to approve loan to issue a consolidated interim final rule governing all aspects of loan forgiveness and the loan review process.
100 This subsection was originally published at 85
FR 20811, subsection III.3.d. April 15, 2020 and has been modified to conform to section 340 of the Economic Aid Act.
101 This subsection was originally published at 85
FR 20811, subsection III.4.d April 15, 2020 and modified to reflect that advance purchases are not available.
102 This subsection was originally published at 85
FR 21747, subsection III.3. April 20, 2020.

E:FRFM14JAR6.SGM

14JAR6