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NAFCU updates PPP FAQs to reflect latest SBA guidance
In response to recent changes to the Small Business Administration's (SBA) paycheck protection program (PPP), NAFCU has updated its PPP FAQs to include two new questions and several additions to existing FAQs.
One of the new questions addresses the SBA’s second procedural notice which provides guidance related to hold codes on first-draw PPP loans and other error messages. Specifically, the question tackles how lenders can obtain a borrower’s certification to resolve a Table 1 error code.
In addition, questions related to loan forgiveness have been updated, including one new question on the SBA’s interim final rule to incorporate changes made to the program by the American Rescue Plan Act.
Additional updates reflect the SBA’s revised application forms for lenders for PPP loan guarantees for first- and second-draw loans, schedule C filers using gross income for both first- and second-draw loan applications (learn more about the Schedule C filer changes here), and general PPP borrowers for first- and second-draw loans.
View the PPP FAQs here; access all of the association’s coronavirus resources. Access the SBA’s FAQs here.