Voglio sapere a riguardo di…

8288

Federal Register / Vol. 86, No. 23 / Friday, February 5, 2021 / Rules and Regulations
jbell on DSKJLSW7X2PROD with RULES

As a general matter, the lender will review the application and make a decision regarding loan forgiveness. The lender has 60 days from receipt of a complete application to issue a decision to SBA. If the lender determines that the borrower is entitled to forgiveness of some or all of the amount applied for under the statute and applicable regulations, the lender must request payment from SBA at the time the lender issues its decision to SBA. SBA
will, subject to any SBA review of the borrowers loans or loan applications, remit the appropriate forgiveness amount to the lender, plus any interest accrued through the date of payment, not later than 90 days after the lender issues its decision to SBA. 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.29 If SBA
determines in the course of its review that the borrower was ineligible for the PPP loan under the statute, the SBA
rules or guidance available at the time of the borrowers loan application, or the terms of the borrowers PPP loan application for example, because the borrower lacked an adequate basis for the certifications that it made in its PPP
loan application, the loan will not be eligible for loan forgiveness. The lender must notify the borrower of the forgiveness amount. If only a portion of the loan is forgiven, or if the forgiveness request is denied, any remaining balance due on the loan must be repaid by the borrower on or before the maturity date of the loan. The lender must notify the borrower of remittance by SBA of i the loan forgiveness amount or that SBA determined that no amount of the loan is eligible for forgiveness, and ii the date on which the borrowers first payment is due, if applicable. If SBA determines that the full amount of the loan is eligible for forgiveness and remits the full amount of the loan to the lender, the lender if they have used, or will use, the full amount of its First Draw PPP Loan including the amount of any increase on such First Draw PPP Loan on authorized uses on or before the expected date on which the Second Draw PPP Loan will be disbursed. See interim final rule on Second Draw PPP Loans. 86 FR 3712, 3717 Jan. 14, 2021. This requirement does not apply to Second Draw PPP
Loans of $150,000 or less that use the simplified forgiveness application SBA Form 3508S.
29 Section 333 of the Economic Aid Act repealed the CARES Act provision requiring SBA to deduct EIDL Advance Amounts received by borrowers from the forgiveness payment amounts remitted by SBA
to the lender. Any EIDL Advance Amounts previously deducted from a borrowers forgiveness amount will be remitted to the lender, together with interest through the remittance date.

VerDate Sep<11>2014

16:06 Feb 04, 2021

Jkt 253001

must mark the PPP loan note as paid in full and report the status of the loan as paid in full on the next monthly 1502 report filed by the lender.30
The general loan forgiveness process described above applies only to loan forgiveness applications that are not reviewed by SBA prior to the lenders decision on the forgiveness application.
Part V of this interim final rule describes SBAs procedures for reviewing PPP loan applications and loan forgiveness applications.
b. When must a borrower apply for loan forgiveness or start making payments on a loan? 31
A borrower may submit a loan forgiveness application any time on or before the maturity date of the loan if the borrower has used all of the loan proceeds for which the borrower is requesting forgiveness, except that a borrower applying for forgiveness of a Second Draw PPP Loan that is more than $150,000 must submit the loan forgiveness application for its First Draw PPP Loan before or simultaneously with the loan forgiveness application for its Second Draw PPP Loan.32 If the borrower does not apply for loan forgiveness within 10
months after the last day of the maximum covered period of 24 weeks,33
or if SBA determines that the loan is not eligible for forgiveness in whole or in part, the PPP loan is no longer deferred and the borrower must begin paying principal and interest. If this occurs, the lender must notify the borrower of the date the first payment is due. The lender must report that the loan is no longer deferred to SBA on the next monthly SBA Form 1502 report filed by the lender.

30 Although the note is marked Paid in Full, the forgiven amount is considered canceled indebtedness under section 7Ac1 of the Small Business Act.
31 This subsection was originally published at 85
FR 38304, section III.1.c. June 26, 2020 and has been modified to conform to sections 306 and 307
of the Economic Aid Act.
32 Because section 306 of the Economic Aid Act allows the borrower to select a covered period between 8 weeks and 24 weeks, there is no longer a need to allow a borrower to apply for forgiveness before the end of the covered period and that text has been deleted.
33 The Economic Aid Act is silent on what covered period applies for a borrower who does not apply for forgiveness, so SBA will apply the longest available covered period to such borrowers.

PO 00000

Frm 00006

Fmt 4700

Sfmt 4700

3. Payroll Costs Eligible for Loan Forgiveness a. When must payroll costs be incurred and/or paid to be eligible for forgiveness? 34
In general, payroll costs paid or incurred during the covered period are eligible for forgiveness. For purposes of loan forgiveness, the covered period is the period beginning on the date the lender disburses the PPP loan and ending on a date selected by the borrower that occurs during the period i beginning on the date that is 8 weeks after the date of disbursement, and ii ending on the date that is 24 weeks after the date of disbursement.35 The covered periods for a First Draw PPP Loan and a Second Draw PPP Loan cannot overlap; the borrower must use all proceeds of the First Draw PPP Loan for eligible expenses before disbursement of the Second Draw PPP Loan.
Payroll costs are considered paid on the day that paychecks are distributed or the borrower originates an ACH
credit transaction. Payroll costs incurred during the borrowers last pay period of the covered period are eligible for forgiveness if paid on or before the next regular payroll date; otherwise, payroll costs must be paid during the covered period to be eligible for forgiveness.
Payroll costs generally are incurred on the day the employees pay is earned i.e., on the day the employee worked.
For employees who are not performing work but are still on the borrowers payroll, payroll costs are incurred based on the schedule established by the borrower typically, each day that the employee would have performed work.
b. Are salary, wages, or commission payments to furloughed employees;
bonuses; or hazard pay during the covered period eligible for loan forgiveness? 36
Yes. The CARES Act defines the term payroll costs broadly to include compensation in the form of salary, wages, commissions, or similar compensation. If a borrower pays furloughed employees their salary, 34 This subsection was originally published at 85
FR 33004, subsection III.3.a. June 1, 2020 and amended by 85 FR 38304, subsection III.1.d. June 26, 2020 and has been modified to conform to section 306 of the Economic Aid Act and for readability.
35 Amended to conform to the section 306 of Economic Aid Act change to definition of covered period. The option to elect an alternative covered period has been removed because the Economic Aid Act provided borrowers flexibility to choose the end of their covered period.
36 This subsection was originally published at 85
FR 33004, subsection III.3.b. June 1, 2020 and has been modified to conform to section 344 of the Economic Aid Act.

E:FRFM05FER1.SGM

05FER1