Voglio sapere a riguardo di…

Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations documents or require a multi-party agreement among SBA, the lender, and others.
8. Are lenders required to use a promissory note provided by SBA or may they use their own? 103
Lenders may use their own promissory note or an SBA form of promissory note.
9. Are lenders required to use a separate SBA Authorization document to issue PPP loans? 104
No. A lender does not need a separate SBA Authorization for SBA to guarantee a PPP loan. However, lenders must have executed SBA Form 2484 the Lender Application FormPaycheck Protection Program Loan Guaranty 105 to issue PPP
loans and receive a loan number for each originated PPP loan. Lenders may include in their promissory notes for PPP loans any terms and conditions, including relating to amortization and disclosure, that are not inconsistent with section 1102 of the CARES Act and section 7A of the Small Business Act, the PPP Interim Final Rules and guidance, and SBA Form 2484. See FAQ
21 posted April 13, 2020. The decision not to require a separate SBA
Authorization in order to ensure that critical PPP loans are disbursed as efficiently as practicable.

khammond on DSKJM1Z7X2PROD with RULES6

10. By when must a lender electronically submit an SBA Form 1502 indicating that PPP loan funds have been disbursed? 106
SBA has made available a specific SBA Form 1502 reporting process through which PPP lenders report on PPP loans and collect the processing fee on fully disbursed loans to which they are entitled. Lenders must electronically upload SBA Form 1502 information within 20 calendar days after a PPP loan is approved. The lender must report on SBA Form 1502 whether it has fully disbursed PPP loan proceeds. A lender will not receive a processing fee: 1
Prior to full disbursement of the PPP
loan; 2 if the PPP loan is cancelled before disbursement; or 3 if the PPP
loan is cancelled or voluntarily 103 This subsection was originally published at 85
FR 23450, subsection III.1.a. April 28, 2020.
104 This subsection was originally published at 85
FR 23450, subsection III.1.b. April 28, 2020 and has been modified to conform to the Economic Aid Act.
105 This requirement is satisfied by a lender when the lender completes the process of submitting a loan through the E-Tran system; no transmission or retention of a physical copy of Form 2484 is required.
106 This subsection was originally published at 85
FR 26321, subsection III.1.b. May 4, 2020 and has been modified to conform to the Economic Aid Act and for readability.

VerDate Sep<11>2014

00:10 Jan 14, 2021

Jkt 253001

terminated and repaid after disbursement including if a borrower repays the PPP loan proceeds to conform to the borrowers certification regarding the necessity of the PPP loan request. If the lender has received a processing fee on a loan that was cancelled or voluntarily terminated and repaid after disbursement including if a borrower repaid the PPP loan proceeds to conform to the borrowers certification regarding the necessity of the PPP loan request, SBA will not require the lender to repay the processing fee unless the lender is found guilty of an act of fraud in connection with the PPP loan. In addition to providing ACH credit information to direct payment of the requested processing fee, lenders will be required to confirm that all PPP loans for which the lender is requesting a processing fee have been fully disbursed on the disbursement dates and in the loan amounts reported. A lender must report through either E-Tran Servicing or the SBA Form 1502 report any PPP
loans that have been cancelled before disbursement or that have been cancelled or voluntarily terminated and repaid after disbursement.
11. How do lenders report disbursements on PPP loans that are approved for loan increases due to the Economic Aid Act? 107
Lenders must submit the SBA Form 1502 information within 20 calendar days after a PPP loan increase is approved following the SBA Form 1502
reporting process. See subsection C.10.
for more information.
D. What do both borrowers and lenders need to know and do?
1. What are the loan terms and conditions? 108
Loans will be guaranteed under the PPP under the same terms, conditions and processes as other 7a loans, with certain changes including but not limited to:
a. The guarantee percentage is 100
percent.
b. No collateral will be required.
c. No personal guarantees will be required.
d. The interest rate will be 100 basis points or one percent, calculated on a non-compounding, non-adjustable basis.109
107 This subsection was added to conform to the Economic Aid Act.
108 This subsection was originally published at 85
FR 20811, subsection III.4.a. April 15, 2020 and modified to conform to the Economic Aid Act.
109 This subsection d was revised to conform to section 339 of the Economic Aid Act. The revision
PO 00000

Frm 00019

Fmt 4701

Sfmt 4700

3709

e. All loans will be processed by all lenders under delegated authority and lenders will be permitted to rely on certifications of the borrower in order to determine eligibility of the borrower and the use of loan proceeds.
2. Do lenders have to apply the credit elsewhere test? 110
No. When evaluating an applicants eligibility lenders will not be required to apply the credit elsewhere test as set forth in section 7a1A of the Small Business Act 15 U.S.C. 636 and SBA
regulations at 13 CFR 120.101.
3. Are there any fee waivers? 111
a. There will be no up-front guarantee fee payable to SBA by the borrower;
b. There will be no lenders annual service fee on-going guaranty fee payable to SBA;
c. There will be no subsidy recoupment fee; and d. There will be no fee payable to SBA
for any guarantee sold into the secondary market.
4. Who pays the fee to an agent who provides assistance in connection with a PPP loan? 112
Agent fees may not be paid out of the proceeds of a PPP loan. If a borrower has knowingly retained an agent, such fees will be paid by the borrower. A
lender is only responsible for paying fees to an agent for services for which the lender directly contracts with the agent. The total amount that an agent may collect from the lender for assistance in preparing an application for a PPP loan including referral to the lender may not exceed:
a. One 1 percent for loans of not more than $350,000;
b. 0.50 percent for loans of more than $350,000 and less than $2 million; and c. 0.25 percent for loans of at least $2
million.
The Act authorizes the Administrator to establish limits on agent fees. The Administrator, in consultation with the Secretary, determined that the agent fee limits set forth above are reasonable based upon the application applies to PPP loans made on or after December 27, 2020, but may apply with respect to a PPP loan made before that date upon the mutual agreement of the lender and the borrower.
110 This subsection was originally published at 85
FR 20811, subsection III.3.e. April 15, 2020.
111 This subsection was originally published at 85
FR 20811, subsection III.4.a. April 15, 2020.
112 This subsection was originally published at 85
FR 20811, subsection III.4.c. April 15, 2020 and modified to conform to section 340 of the Economic Aid Act. This revision is effective as if included in the CARES Act and applies to PPP loans made before, on, or after December 27, 2020, including forgiveness of such a loan.

E:FRFM14JAR6.SGM

14JAR6