BankBCLP Frequently Asked Questions

• Can Forgivable Payroll Costs Exceed Loan Amount?
• Does Size of the Loan Affect Eligibility for Form 3508EZ?
• Who is Subject to Owner-Employee Compensation Forgiveness Limitations?
• Does a Borrower need its Lender’s Consent to a Change in Control Transaction?
• Is the Buyer Required to Assume the PPP Note in an Asset Sale?

Interim Final Rule and Other Rules

• IFR 1 – Initial IFR with General Guidance on PPP Eligibility (04/02/20)
• IFR 2 – Affiliation Rules for Faith-Based Organizations (04/03/20)
• IFR 3 – Self-Employment Guidance; Partners must File One Application with Partnership; Insider Loans; Gaming Businesses  (04/14/20)
• IFR 4 – Extension of Safe Harbor; Hedge Funds / Private Equity Ineligible; Portfolio Companies Subject to Affiliation Rules; ESOPs Do Not Trigger Affiliation Rules; No Limitation on Legal Gambling Revenue for Eligibility (04/24/20)
• IFR 5 – Seasonal Employers (04/27/20)
• IFR 6 – Disbursements of Fees to Banks (04/28/20)
• IFR 7 – Corporate Groups and Non-Bank and Non-Bank Lenders; Limit Aggregate Loans to Affiliated Borrowers to $20 Million (04/30/20)
• IFR 8 – Nondiscrimination; Federal Work Study Students Exempt from Employee Count  (05/05/20)
• IFR 9 – Extension of Limited Safe Harbor (05/08/20)
• IFR 10 – Lenders and Borrowers May Request an Increase in PPP Loan Amount Under Two Specific Scenarios: Partnerships and Seasonal Employers (05/13/20)
• IFR 11 – Electric Cooperative Are Eligible PPP Borrowers (05/14/20)
• IFR 12 – Foreign Affiliates Must Be Included for Purposes of Determining Whether a Borrower Has Less than 500 Employees (05/18/20)
• IFR 13 – Extension of Safe Harbor to May 18; Extension of SBA Form 1502 to May 22 (05/20/20)
• IFR 14 – Loan Forgiveness (05/22/20)
• IFR 15 – SBA Loan Review Procedures; Lender & Borrower Responsibilities (05/22/20)
• IFR 16 – Eligibility of Certain Telephone Cooperatives (06/05/20)
• IFR 17 – Revisions to First IFR (06/11/20)
• IFR 18 – Additional Revisions to First IFR (06/12/20)
• IFR 19 – Revisions to the Third and Sixth IFRs (06/17/20)
• IFR 20 – Reflect New 24-week Covered Period and Other PPP Flexibility Act Changes (06/22/20)
• IFR 21 – Additional Eligibility Revisions to First Interim Final Rule (06/24/20)
• IFR 22 – IFR on Certain Eligible Payroll Costs (06/25/20)
• IFR 23 – Appeals of SBA Loan Review Decisions Under the PPP (08/11/20)
• IFR 24 – Treatment of Owners and Forgiveness of Certain Nonpayroll Costs (08/24/20)
• IFR 25 – Additional Revisions to Loan Forgiveness and Loan Review Procedures (10/08/20)
• Applicable Affiliation Rules per SBA/Treasury
• Paycheck Protection Program Flexibility Act of 2020

Small Business Administration Guidance

• SBA Paycheck Protection Program Page
• SBA Forgiveness Portal
• ​SBA 7(a) Loan Checklist
• SBA SOP 50-10-5 (Lender and Development Company Loan Programs)
• SBA Instructions on Accessing CAFS System
• SBA Guidance on Participating Loans
• SBA Guidance on Whole Loans
• SBA List of Participating Lenders by State
• SBA Prohibition on Robot Processing Automation
• SBA Update on PPP Round 2
• SBA PPP Report Through 8/8/20
• SBA OIG Flash Report
• SBA Form 1502
• SBA Summary of Forgiveness Process

U.S. Department of the Treasury Guidance

• Treasury Paycheck Protection Program Page​
• Treasury CARES Act Page
• Treasury PPP Overview
• Treasury Fact Sheet for Borrowers
• Treasury PPP Loan Calculation
• Treasury PPP Forgiveness Application (PDF Fillable)
• Treasury PPP Forgiveness Application Form EZ
• Treasury PPP Simplified Forgiveness Application for Loans $50,000 and Less
• Treasury Press Release on PPP Flexibility Act
• Treasury Guidance on Interplay between EIDL and PPP Applications
• Treasury Press Release on Disclosing PPP Borrowers
• Treasury Procedural Notice on PPP Loans and Changes of Control

Federal Reserve Guidance

• Interim Final Rule for PPP Facility
• PPP Facility Page

Internal Revenue Service Guidance

• IRS Prohibition on Deducting Compensation for PPP Borrowers

SEC Guidance

• SEC Advice to Registered Investment Advisors  

Frequently Asked Questions

• Treasury FAQ
• Treasury Loan Forgiveness FAQ
• FAQ Regarding Participation of Faith-Based Organizations
• FinCEN FAQ
• FDIC FAQ
• IRS Payroll Deferral FAQ
• American Bankers Association FAQ
• Independent Community Bankers Association FAQ

BCLP Guidance

• Tax Effects on the Paycheck Protection Program
• Lender Obligations under the Paycheck Protection Program
• PPP Affiliation Guidelines
• PPP April 14 Interim Final Rule Guidance
• PPP Eligibility Requirements
• Public Company PPP Participants with Liquidity Alternatives Beware
• Administering the Paycheck Protection Program and Managing Litigation & Regulatory Risk in the U.S.
• Analysis of PPP Borrowers: Who Returned Funds?
• SBA Provides Guidance on Changes of Ownership of PPP Borrowers
• SBA Confirms Impact of PPP Flexibility Act on Outstanding Promissory Notes
• Four Things You May Have Missed About the PPP Changes of Ownership Notice
• PPP & Asset Sales: Is the Buyer Required to Assume the PPP Note?

National Trade Associations

• American Bankers Association PPP Resources
• American Institute of CPAs PPP Accounting Resources
• American Institute of CPAs Recommendations on Forgiveness
• American Institute of CPAs Forgiveness Calculator
• Independent Community Bankers Association COVID-19 Resources
• National Association of Government Guaranteed Lenders SBA Resources