PPP Relaunch Guidance and Updates

Archived Industry News:PPP Relaunch Guidance and Updates

The Iowa Bankers Association continues to work closely with congressional leaders on stimulus relief related to the COVID-19 pandemic. Last year, Iowa banks delivered more than 61,000 Paycheck Protection Program loans totaling $5 billion to help small businesses in their communities. And our member banks stand ready to assist with the relaunch of PPP funding and second-draw loans.

Below are guidance, rules and updates released by the U.S. Small Business Administration and U.S. Department of the Treasury on the relaunch of PPP funding.

• Guidance on PPP loan access (Jan. 6, 2021)
• Interim final rule amending PPP loan forgiveness requirements and loan review procedures as amended by the Economic Aid Act (Jan. 19, 2021)
• Interim final rule on second-draw loans (Jan. 6, 2021)
• FAQs on calculating maximum loan amounts for first-draw PPP loans (Jan. 17, 2021)
• Procedural notice on borrower resubmissions of loan forgiveness applications using Form 3508S (Jan. 15, 2021)
• Procedural notice on PPP excess loan amount errors (Jan. 15, 2021)
• FAQs on calculating revenue reduction and maximum loan amounts for second-draw PPP loans (Jan. 19, 2021)
• Procedural notice addressing unresolved issues on borrower first-draw PPP loans (Jan.26, 2021)
• Information notice on implementation of modifications to the 7(a) Loan Program (Jan. 27, 2021)
• Information notice on elimination of certain 504 Loan Program fees (Jan. 27, 2021)
• Information notice announcing SBA has informed eligible borrowers of assistance under Section 1112 of the CARES Act (Jan. 27, 2021)
• FAQs on Shuttered Venue Operators Grants (Jan. 27, 2021)
• Information notice on IRS information reporting relating to the payments made on behalf of borrowers (Jan. 28, 2021)
• Procedural notice on 7(a) and 504 e-signatures (Jan. 28, 2021)
• Procedural notice on microloan e-signatures (Jan. 28, 2021)
• Procedural notice on microloan closings (Jan. 28, 2021)
• FAQs on PPP loans  (Jan. 29, 2021)
• Procedural notice (second update) on PPP lender processing fee payment and 1502 reporting process (Feb. 8 , 2021)
• Procedural notice for addressing hold codes on first-draw PPP loans and compliance check error messages (Feb. 10, 2021)

PPP Loan Forgiveness Forms

• Form 3508 (Jan. 19, 2021)
• Form 3508EZ (Jan. 19, 2021)
• Form 3508S (Jan. 19, 2021)

Borrower’s Disclosure of Certain Controlling Interests (Jan. 21, 2021)

The SBA has created a user guide that outlines how to use the forgiveness portal to submit new PPP loan applications. The SBA’s Iowa District Office advises lenders to read the SBA Paycheck Protection Platform Lender Instructions — Origination System User Guide carefully and in its entirety.

Updated Borrower and Lender Guaranty Applications

• Borrower application for first-draw loans (Jan. 8, 2021)
• Lender guaranty form for first-draw loans (Jan. 8, 2021)
• Borrower application for second-draw loans (Jan. 21, 2021)
• Lender guaranty form for second-draw loans (Jan. 21, 2021)