Small Business Administration (SBA) Issues Updated FAQs for the Paycheck Protection Program

February 01, 2021

The SBA updated its frequently asked questions on the Paycheck Protection Program to clarify that the FINCen's April 2020 PPP FAQs still apply to second-draw PPP loans, lenders may rely on information obtained from an existing borrower during a first-draw loan application for a second-draw application and additional PPP FAQs are in the process of being revised and do not as yet reflect changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act enacted on December 27, 2020.

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