c. Can lenders rely on borrower documentation for loan forgiveness? PPP III. Temporary New Business Loan Program: Paycheck Protection Program. Can lenders rely on borrower documentation for loan forgiveness?
PPP III. Temporary New Business Loan Program: Paycheck Protection Program
Effective Date: This rule is effective April 14, 2020.
c. Can lenders rely on borrower documentation for loan forgiveness?
Yes. The lender does not need to conduct any verification if the borrower submits documentation supporting its request for loan forgiveness and attests that it has accurately verified the payments for eligible costs. The Administrator will hold harmless any lender that relies on such borrower documents and attestation from a borrower. The Administrator, in consultation with the Secretary, has determined that lender reliance on a borrower's required documents and attestation is necessary and appropriate in light of section 1106(h) of the Act, which prohibits the Administrator from taking an enforcement action or imposing penalties if the lender has received a borrower attestation.
Reference Resource: SBA-2020-0015-0001
Comment Date: Comments must be received on or before May 15, 2020.
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