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Federal Register / Vol. 86, No. 9 / Thursday, January 14, 2021 / Rules and Regulations provided at the time of application, which may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, a copy of the applicants quarterly income statements or bank statements.
v For loans with a principal amount of $150,000 or less, the applicant must submit documentation sufficient to establish that the applicant experienced a reduction in revenue as provided in subsection c1i of this section at the time of application, on or before the date the borrower submits an application for loan forgiveness, or, if the borrower does not apply for loan forgiveness, at SBAs request. Such documentation may include relevant tax forms, including annual tax forms, or, if relevant tax forms are not available, a copy of the applicants quarterly income statements or bank statements.
3 On the Second Draw PPP Loan borrower application, an authorized representative of the applicant 38 must make the certifications listed in subsection B12 of the Consolidated First Draw PPP IFR, except:
i Instead of the certification in subsection B12v of the Consolidated First Draw PPP IFR, the applicant must certify that the applicant has not and will not receive another Second Draw Paycheck Protection Program Loan; and ii an authorized representative of the applicant must also certify:
A The Applicant has realized a reduction in gross receipts in excess of 25% relative to the relevant comparison time period. For loans greater than $150,000, Applicant has provided documentation to the lender substantiating the decline in gross receipts. For loans of $150,000 or less, Applicant will provide documentation substantiating the decline in gross receipts upon or before seeking loan forgiveness for the Second Draw Paycheck Protection Program Loan or upon SBA request.
B The Applicant received a First Draw Paycheck Protection Program Loan and, before the Second Draw Paycheck Protection Program Loan is disbursed, will have used the full loan amount including any increase of the First Draw Paycheck Protection Program Loan only for eligible expenses.
C The Applicant is not a business concern or entity a for which an entity created in or organized under the laws of the Peoples Republic of China or the Special Administrative Region of Hong Kong, or that has significant operations 38 A representative of the applicant can certify for the business as a whole if the representative is legally authorized to do so.

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in the Peoples Republic of China or the Special Administrative Region of Hong Kong, owns or holds, directly or indirectly, not less than 20 percent of the economic interest of the business concern or entity, including as equity shares or a capital or profit interest in a limited liability company or partnership; or b that retains, as a member of the board of directors of the business concern, a person who is a resident of the Peoples Republic of China.
D The Applicant is not required to submit a registration statement under section 2 of the Foreign Agents Registration Act of 1938 22 U.S.C. 612.
E The Applicant is not a business concern or entity primarily engaged in political or lobbying activities, including any entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or otherwise describes itself as a think tank in any public documents.
4 A lender must submit SBA Form 2484SD Paycheck Protection Program Lenders ApplicationSecond Draw Loan Guaranty electronically in accordance with program requirements and maintain the forms and supporting documentation in its files.
h What do lenders need to know and do?
1 A lender approved to make First Draw PPP Loans may make Second Draw PPP Loans under the same terms and conditions applicable to First Draw PPP Loans, including all requirements under sections C and D of the Consolidated First Draw PPP IFR, except as otherwise provided in this section.
2 What do lenders have to do in terms of loan underwriting?
i Each lender shall:
A Confirm receipt of borrower certifications contained in Paycheck Protection Program Second Draw Borrower Application Form SBA Form 2483SD or lenders equivalent;
B Confirm receipt of information demonstrating that a borrower was either an eligible self-employed individual, independent contractor, or 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 whichever was used to calculate loan amount by reviewing the payroll documentation submitted with the borrowers application;
D For a Second Draw PPP Loan greater than $150,000 or a loan of
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$150,000 or less where the borrower provides documentation of revenue reduction, 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. For a loan of $150,000 or less where the borrower does not provide documentation of revenue reduction with its application, the lender shall perform this review when the borrower provides such documentation. If the lender identifies errors in the borrowers calculation or material lack of substantiation in the borrowers supporting documents, the lender should work with the borrower to remedy the issue.
E Follow applicable BSA
requirements listed in subsection C3d of the Consolidated First Draw PPP IFR; and ii Each lenders underwriting obligation under the Second Draw PPP
is limited to the items above and reviewing the Paycheck Protection Program Second Draw Borrower Application Form SBA Form 2483
SD or lenders equivalent form.
iii 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 sections 7a36 or 37 of the Small Business Act 15 U.S.C. 636a36 and 37; 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 Second Draw 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 Second Draw PPP
Loan, ifA the lender acts in good faith relating to loan origination or forgiveness of the Second Draw 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 Second Draw PPP Loan.
3 SBA will pay lenders fees for processing Second Draw PPP Loans in the following amounts:

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