More PPP Changes to New Lender and Borrower Application Forms; Other Updates
Last night, Treasury and SBA made more changes to the new application forms they just published on Thursday so those have now been replaced with new ones. Borrowers and lenders may NOT use those issued on Thursday for new PPP applications and, instead, must use the one now labeled “Revised June 12, 2020.” Links to the revised new applications are below.
The applications needed to be revised because of another change Treasury and SBA made last night in issuing a revision to the first interim final rule published on Thursday related to borrowers with certain felony convictions. Treasury and SBA have now decided that a PPP loan will be approved even if an owner of 20% or more of the equity of the applicant has been convicted of a felony so long as that conviction does not involve fraud, bribery, embezzlement or a false statement in a loan application or an application for federal financial assistance and occurred more than one year ago.
WBA will be updating its Master PPP FAQ document this weekend to incorporate both new interim final rules.