SBA lending restrictions would continue to apply to officers and key employees of a PPP lender,

FAQ#: 202 published 4-23-2020

PPP #. Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks
 
A Rule by the Federal Reserve System on 04/22/2020
 
The interim final rule also stated that SBA lending restrictions would continue to apply to officers and key employees of a PPP lender, and that "[f]avoritism by [a PPP] [l]ender in processing time or prioritization of [a] director's or equity holder's PPP application is prohibited.:" [13]
 
Reference Resource: Loans to Executive Officers
 
Comment Date: This document has a comment period that ends in 47 days. (06/08/2020) .
 
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