Most recently updated PPP FAQs

  • A72) What documentation will a self-employed individual be required to submit to the lender when requesting loan forgiveness?

  • A102) Are recipients entitled to exemptions based on nondiscrimination laws for sex-specific admissions practices or domestic violence shelters, coreligionist housing, or Indian tribal preferences in connection with adoption or foster care practices?

  • A103) Is an employer that repays its PPP loan by the safe harbor deadline (May 8, 2020) eligible for the Employee Retention Credit?

  • A105) How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?

  • A107) If a partnership received a PPP loan that did not include any compensation for its partners, can the loan amount be increased to include partner compensation?

  • A108) What is the accounting for fees payable to the lender under the PPP?

  • A109) Are electric cooperatives that are exempt from federal income taxation under section 501(c)(12) of the Internal Revenue Code eligible for a PPP loan?

  • A110) Are employees of foreign affiliates included for purposes of determining whether a PPP borrower has more than 500 employees?

  • 111) How can lenders request payment of PPP processing fees?

  • A112) When won’t a lender receive a processing fee?

  • A112) How will SBA disburse the processing fee to lenders?

  • A113) Will SBA review the payment of lender processing fees?

  • A114) Are lender processing fees subject to clawback if SBA determines that a borrower is ineligible?

  • A115) Are lender processing fees subject to clawback if a Lender has not fulfilled its obligations under PPP regulations?

  • A116) What are the ongoing reporting requirements for PPP loans?

  • A117) When a loan is sold, which lender is responsible for 1502 reporting to SBA?

  • A118) Is the loan forgivable?

  • A121) When does the required eight-week period begin that the borrower uses to determine their payroll costs?

  • A124) Will SBA review individual PPP loan files?

  • A125) What is the general process to obtain loan forgiveness?

  • A126) When must payroll costs be incurred and/or paid to be eligible for forgiveness?

  • A127) For self-employed individuals, what amounts are eligible for forgiveness?

  • A128) Are salary, wages, or commission payments to furloughed employees; bonuses; or hazard pay during the covered period eligible for loan forgiveness?

  • A129) Are there caps on the amount of loan forgiveness available for owner-employees and self-employed individuals’ own payroll compensation?

  • A130) When must nonpayroll costs be incurred and/or paid to be eligible for forgiveness?

  • A131) Are advance payments of interest on mortgage obligations eligible for loan forgiveness?

  • A132) Will the loan forgiveness amount be reduced if the borrower laid-off or reduced hours of an employee, then offered to rehire that employee for the same salary and number of hours, or restore the reduction in hours, but the employee declines?

  • A133) What effect does a reduction in a borrower’s number of full-time equivalent (FTE) employees have on the loan forgiveness amount?

  • A134) What does “full-time equivalent employee” (FTE) mean and how should a borrower calculate its number of full-time equivalent (FTE) employees?

  • A135) What effect does a borrower’s reduction in employees’ salary or wages have on the loan forgiveness amount?

  • A136) How should borrowers seeking loan forgiveness account for the reduction based on a reduction in the number of employees (Section 1106(d)(2)) relative to the reduction relating to salary and wages (Section 1106(d)(3))?

  • A137) If a borrower restores reductions made to employee salaries and wages or FTE employees by not later than June 30, 2020, can the borrower avoid a reduction in its loan forgiveness amount?

  • A138) Will a borrower’s loan forgiveness amount be reduced if an employee is fired for cause, voluntarily resigns, or voluntarily requests a schedule reduction?

  • A139) What must borrowers submit for forgiveness of their PPP loans?

  • A140) What should a lender review in the PPP loan forgiveness application?

  • A141) What is the timeline for the lender’s decision on a loan forgiveness application?

  • A142) What borrower representations and statements will SBA review?

  • A143) When will SBA undertake a loan review?

  • A144) Will the lender have the opportunity to respond to SBA’s questions in a review?

  • A145) What should a lender do if it receives notice that SBA is reviewing a loan?

Program Overview

PPP Overview - Single page overview of the PPP 

Banking Agency Webinar for PPP Ask the Regulators session slide deck with SBA speakers
(Conducted April 23, 2020)

SBA PPP Program Website  

Treasury PPP Resources

SBA CAFS Enrollment Presentation - Slides on Capital Access Financial System (CAFS) and SBA One enrollment and setup 

SBA PPP Approvals Report, Second Allocation of PPP Funds - PPP loan approval details for the secondfirst allocation of PPP funds (Last updated May 8, 2020)

Lender Documents & Links

PPP Interim Final Rule on Nondiscrimination and Additional Eligibility Criteria -  Eighth SBA interim final rule on PPP, clarifies nondiscrimination provisions and student worker eligibility [Instructions & Guidance] (Issued May 6)

PPP Interim Final Rule on Corporate Groups and Non-Bank Lenders  - Seventh SBA interim final rule on PPP, describes maximum PPP loans for corporate groups and lender approvals for certain non-bank lenders [Instructions and Guidance] (Issued April 30)

SBA Form 147 - SBA Standard Loan Note 

PPP Lender Application Form 

PPP Lender Agreement - PPP lender agreement for federally-insured depository institutions 

PPP Information for Lenders

Borrower Documents & Links

Instructions & Guidance

How to Calculate Maximum Loan Amounts By Business Type
(Last updated April 24, 2020)

SBA Procedural Notice on Secondary Loan Sales - SBA procedural notice giving guidance on participation sales for PPP loans 
(Issued April 24, 2020)

SBA PPP Approvals Report - PPP loan approval details 
(Last updated April 14, 2020)

PPP Selections from the CARES Act - Sections 1102 and 1106 of the CARES Act describing the PPP - Single page overview of the PPP 

SBA FAQ for Faith-Based Organizations PPP & EIDL - SBA FAQs for faith-based organizations seeking COVID-19 relief 

SBA FAQ for Lender and Borrowers - Extensive Q&A resource for lenders and borrowers (Last updated May 3, 2020)

PPP Interim Final Rule on Promissory Notes, Authorizations, Affiliation, and Eligibility - Fourth SBA interim final rule on PPP, additional clarification on hedge funds, hospitals, gambling, bankruptcy, and borrower attestation. (Issued April 24, 2020)

- PPP Interim Final Rule on Additional Criterion for Seasonal Employers Fifth SBA interim final rule on PPP, clarification on applicants with seasonal workers

- PPP Interim Final Rule on Disbursements Sixth SBA interim final rule on PPP, describes the process for lending disbursements and processing fee collection [Instructions & Guidance] (Issued April 28, 2020)

PPP Interim Final Rule on Additional Eligibility Criteria - Third SBA interim final rule on PPP, additional eligibility criteria and certain pledges of loans
(Issued April 14, 2020)

SBA Affiliation Rules Guide - Guide to implementing affiliation requirements for the PPP program 

PPP Interim Final Rule on Affiliates - Second SBA interim final rule on PPP, description of affiliation rules for PPP 
(Issued April 3, 2020)

PPP Interim Final Rule - First SBA interim final rule on PPP program
(Issued April 2, 2020)

-PPP Interim Final Rule on Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request - Ninth SBA interim final rule on PPP, extends the safe harbor deadline for repaying PPP loans. (Issued May 8, 2020)

PPP Interim Final Rule on Loan Increases - Tenth SBA interim final rule on PPP, allows for limited loan increases for partnerships and seasonal employers. (Issued May 13, 2020)

PPP Interim Final Rule on Eligibility of Certain Electric Cooperatives - Eleventh SBA interim final rule on PPP, permits certain electrical cooperatives to receive PPP loans  (Issued May 14, 2020)

Industry Updates

  • Partnering for Innovation During the Pandemic

    May 15, 2020
    Community banks had to beef up what they had in place and get creative to adequately address how to serve their customers amid a shutdown. And as the pandemic’s reach expanded, so too did the need to highlight the utility and usage of their digital offerings.
  • Charting the Path Forward

    Apr 28, 2020
    Community banks have always demonstrated courage and commitment in helping customers thrive in good times and in adversity. As bankers well know, with every crisis comes opportunity — and harnessing opportunities requires preparation.

Service Providers Are Here To Help

    MK Decision

    MK Decision helps community banks to offer banking services digitally via remote implementation.

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    Members of ICBA can use FINSYNC's online loan application to support the PPP Loan with no upfront costs and same day implementation, which comes complete with a portal for processing PPP loans more efficiently and tools to help you track loan forgiveness eligibility, among other benefits.

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    NXTsoft Launches solution to resolve the many headaches associated with SBA E-Tran system: OmniConnect CARES Queue Streamlines the PPP Loan Submission Process for Financial Institutions

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    With two-day implementation, Abrigo enables banks to serve their communities using our automated PPP loan origination system that is integrated into E-Tran, providing them with software to handle the inundation of loan requests and help small businesses and the self-employed pay their employees during the coronavirus crisis.

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    ProfitStars Lending Network

    The Jack Henry Lending Paycheck Protection Program Portal is a quick and easy solution for connecting Small Business borrowers to SBA certified banks.

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    Wolters Kluwer

    With Paycheck Protection Program supported by TSoftPlus, you can immediately start processing compliant PPP loans, with no upfront costs.

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    Newtek Business Finance Solutions is now offering Paycheck Protection Program loans to small business owners.

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    At this time we are happy to offer our solution free of charge for 3 months and deferred payments, and we will also offer our solution at a substantially discounted rate.

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    Help small businesses get the loan assistance they need with a fast, easy, mobile-first application.

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    Holtmeyer & Monson

    H&M will submit the completed loan application to the SBA for approval and guarantee issuance and provide loan closing services with detailed documentation instructions.

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    The free Teslar Unite – PPP module assists community bankers with the SBA CARES Act PPP loan application process via an integrated web portal that allows small business customers to easily download the PPP loan application, fill it out, upload it and track the status of the loan.

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    ODX enables banks to digitally originate business credit and deposit products - allowing business owners to open accounts and apply for loans without physically coming into a branch.

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    Fundation's white-labeled SBA Paycheck Protection Plan application for your community banks small business customers (use code 4242 for mobile verification).

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    Community banks can now launch Business Lending-as-a-Service, in 7 days or less with all fees waived.

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    Botdoc is allowing up to 15 users to use Botdoc for free for 60 days to help community bankers begin securely exchanging documents within 15 minutes, even when working remotely.

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    Finastra is taking action to optimize business lending platforms for the CARES Act and PPP funding.

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    Qcash Financial

    QCash Financial is waiving fees and implementation costs to get our digital small dollar lending solution broadly distributed.

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    Cirrus Secure

    Our secure loan document collection platform enables collaboration and workflow automation to support dispersed teams.

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    Botdoc is allowing up to 15 users to use Botdoc for free for 60 days to help community bankers begin securely exchanging documents within 15 minutes, even when working remotely.

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    At this time we are happy to offer our solution free of charge for 3 months and deferred payments, and we will also offer our solution at a substantially discounted rate.

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    Credit Plus Inc.

    Business and personal credit reports, account monitoring, and portfolio monitoring are a few of our main services.

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    Intellicredit by QwickRate

    Now is the time to adopt aggressive new approaches to discover and monitor portfolio credit quality—both in aggregate and transactionally—including loans affected by COVID-19.

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    To help manage risks, is offering its Email Authentication tool-free for three months to community banks and their commercial banking customers.

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    Botdoc is allowing up to 15 users to use Botdoc for free for 60 days to help community bankers begin securely exchanging documents within 15 minutes, even when working remotely.

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    COVID-19 and TPRM Consideration Resources website offers a wide range of resources including webinars, articles, checklists, and more.

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    ICBA member banks may white-label and deploy the system in under a week to support virtual meetings with free access from March 1 through June 30.

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    Cybersecurity services provide monitoring and proactive KnowBe4 training tools to protect against phishing attempts to ensure safety and soundness is maintained.

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    Ncontracts's pandemic/business continuity resource page contains educational materials and Ncontinuity, the comprehensive Business Continuity Management tool, has been updated with workflow tools specific to the pandemic.

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    Quantivate has developed a Pandemic Plan Template that includes a plan structure overview, pandemic planning phases, planning checklists for executive, operations, and more.

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    Iron Mountain

    Digital document management and timely destruction.

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    Provides content from experienced community bank C-suite members to help community banks prepare for and navigate what is on the near-term horizon.

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    Griffin Technologies

    Via behavioral insights and search keyword re-targeting, Griffin Technologies provides community banks an affordable option to reach small business owners searching for small business loans and similar services.

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    White labeled, our platform can be branded by the ICBA member bank and they can feature specific local charities such as food banks that are helping those most affected by COVID-19.

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    KapitalWise artificial intelligence (AI) platform analyzes data from a variety of sources with the goal of detecting changes in their financial condition, predicting their characteristics and preferences.

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    Kasasa will waive monthly licensing fees on website and online account opening solutions for new banks joining through June 1, 2020.

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    With the COVID-19 crisis, banks currently utilizing their ICBA membership benefit receive programs including sensitive and understanding verbiage, followed by a commitment and desire to keep the lines of communication open.

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    Main Street Inc.

    Sample social post copy, downloadable imges, and resource links to communicate with account holders.

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    Dell offers “Work From Home Bundle Specials” that include 5% discounts on commonly used telecommuting equipment.

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    VGM Forbin

    Ringcentral communication platform allows remote phone systems and video conferencing capabilities with remote roll-outs within 24-48 hours.

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    Agora Services

    To help community banks during COVID-19, we have waited our setup fee and will defer billing for three months.

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    Fintel Connect

    We work with the banks to acquire new customers for the digital account opening products on a performance basis.

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    Finzly is offering a free account opening solution for community banks to enable customers to continue receiving their banking services.

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