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Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations
applicable to businesses with a NAICS
code beginning with 72. The Administrator, in consultation with the Secretary, has determined that this methodology is necessary to provide small businesses in the accommodation and food services sector the full amount of relief provided in the Economic Aid Act while allowing these borrowers to calculate their average monthly payroll costs accurately.
The Economic Aid Act included a new payroll cost calculation for farmers and ranchers receiving First Draw PPP
Loans. However, it did not specify how payroll costs should be calculated for Second Draw PPP Loans to farmers and ranchers. This IFR clarifies that the same general calculation for farmers and ranchers applicable to First Draw PPP
Loans applies to Second Draw PPP
Loans, with adjustments that i eliminate the provision for refinancing of an Economic Injury Disaster Loan EIDL, which does not apply to Second Draw PPP Loans, and ii apply the choice of time period for calculating a farmers or ranchers payroll costs for Second Draw PPP Loans, consistent with other Second Draw PPP Loans.
This IFR also specifies that, in calculating a farmers or ranchers maximum loan amount, any employee payroll costs should be subtracted from the farmers or ranchers gross income to avoid double-counting amounts that represent pay to the employees of the farmer or rancher.
Subsections f7 and f8 of the IFR
include tailored calculation methodologies for self-employed individuals and partnerships. These methodologies are based on the corresponding methodologies for selfemployed individuals and partnerships that are used for First Draw PPP
Loans.29 These methodologies have been adjusted to eliminate the provision for refinancing of an EIDL loan, which does not apply to Second Draw PPP
loans and to apply the choice of time period for calculating payroll costs, consistent with other Second Draw PPP
loans.
Finally, subsection f9 provides that businesses that are part of a single corporate group shall in no event receive more than $4,000,000 of Second Draw PPP Loans in the aggregate. The Administrator, in consultation with the Secretary, determined that limiting the amount of Second Draw PPP Loans that a single corporate group may receive will promote the availability of PPP
loans to the largest possible number of borrowers, consistent with the CARES

and Economic Aid Act. The Administrator has concluded that a limitation of $4,000,000 is appropriate because it is proportional to the $20,000,000 maximum amount for corporate groups that is provided under the Consolidated First Draw PPP IFR
when the maximum loan amount for a single PPP loan is $10,000,000.
E. Second Draw PPP Loan Application and Documentation Requirements Subsection g of this IFR includes the application and documentation requirements for Second Draw PPP
Loans. The documentation required to substantiate an applicants payroll cost calculations is generally the same as documentation required for First Draw PPP Loans. However, no additional documentation to substantiate payroll costs will be required if the applicant i used calendar year 2019 figures to determine its First Draw PPP Loan amount, ii used calendar year 2019
figures to determine its Second Draw PPP Loan amount instead of calendar year 2020, and iii the lender for the applicants Second Draw PPP Loan is the same as the lender that made the applicants First Draw PPP Loan. In such cases, additional documentation is not required because the lender already has the relevant documentation supporting the borrowers payroll costs.
The lender may request additional documentation, however, if on further review the lender concludes that it would be useful in conducting the lenders good-faith review of the borrowers loan amount calculation.
For loans with a principal amount greater than $150,000, the applicant must also submit documentation adequate to establish that the applicant experienced a revenue reduction of 25%
or greater in 2020 relative to 2019. The revenue reduction requirement is addressed in subsection c1iv of this IFR. Such documentation may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, quarterly financial statements or bank statements. For loans with a principal amount of $150,000 or less, such documentation is not required at the time the borrower submits its application for a loan, but must be submitted on or before the date the borrower applies for loan forgiveness, as required under the Economic Aid Act.30
If a borrower does not submit an application for loan forgiveness, such documentation must be provided upon SBAs request.

F. Lender Requirements Subsection g of this IFR contains the provisions specific to lenders for Second Draw PPP Loans. Paragraph 7a37K of the Small Business Act, added by the Economic Aid Act, states that a lender approved to make First Draw PPP loans may make Second Draw PPP Loans under the same terms and conditions as new First Draw PPP
Loans. Subsection g2 of this IFR
provides that lenders are subject to the same requirements when making Second Draw PPP Loans as when they are making First Draw PPP Loans. These provisions allow a lender approved to make Second Draw PPP Loans to use existing program guidance and standard operating procedures to the maximum extent practicable.31 The requirements applicable to PPP lenders are in sections C and D of the Consolidated First Draw PPP IFR. If a borrower has not submitted new payroll documentation with its Second Draw PPP Loan application because it previously submitted 2019 payroll information to the same lender when it applied for its First Draw PPP Loan, then the lender must confirm the borrowers average monthly payroll costs based on that prior documentation.
In addition, for a Second Draw PPP
Loan greater than $150,000, the lender must confirm the dollar amount and percentage of the borrowers revenue reduction by performing a good faith review, in a reasonable time, of the borrowers calculations and supporting documents concerning the borrowers revenue reduction. If the lender identifies errors in the borrowers calculation or a material lack of substantiation in the borrowers supporting documents, the lender should work with the borrower to remedy the issue.
G. Loans to Borrowers With Unresolved First Draw PPP Loans As described in SBAs interim final rule on SBA Loan Review Procedures and Related Borrower and Lender Responsibilities, SBA may review any PPP loan, as the Administrator deems appropriate.32 Subsection i of the IFR
establishes procedures relating to the handling of a Second Draw PPP Loan application by a borrower whose First Draw PPP Loan is under review by SBA
unresolved borrower. If a borrowers First Draw PPP loan is under review by SBA and/or information in SBAs possession indicates that the borrower may have been ineligible for the First 31 Paragraph
29 See
subsections B4b and B4e of the Consolidated First Draw PPP IFR.

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