The SBA released an interim final rule on appeals of SBA loan review decisions under the Paycheck Protection Program that outlines the process for borrowers to appeal adverse SBA decisions.
SBA issues interim final rule on loan review, updates FAQs
August 12, 2020 / By ICBA
The SBA released an interim final rule on appeals of SBA loan review decisions under the Paycheck Protection Program that outlines the process for borrowers to appeal adverse SBA decisions.
The SBA released an interim final rule on appeals of SBA loan review decisions under the Paycheck Protection Program that outlines the process for borrowers to appeal adverse SBA decisions regarding borrower eligibility, the loan amount received, improper use of the PPP loan proceeds, and/or the PPP loan forgiveness amount claimed by the borrower.
The SBA also updated its frequently asked questions on the Paycheck Protection Program with guidance that payment or nonpayment of agent fees do not affect the SBA guarantee, and that vision and dental insurance costs are eligible payroll costs. The loan forgiveness FAQs are also updated to cover the deduction of Economic Injury Disaster Loans advances from forgiveness amounts.
Additional guidance and resources are available on Treasury’s PPP webpage and ICBA's COVID-19 resource center.
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