New PPP Information & How To Research PPP | New Interim Final Rule Published | OCA Lender GuidanceANOTHER NEW INTERIM FINAL RULE PUBLISHED:
A new interim rule from treasury has been published today regard electrical cooperatives. Here is the link:
OCA LENDER GUIDANCE:
US SBA Office of Capital Access (OCA) put out further guidance to lenders on PPP today. See Document Here.
Paycheck Protection Program (PPP) Lending Operations Update – Thursday, April 14, 2020
1. SBA is launching a new search functionality within the E-Tran Servicing section of the Capital Access Financial System (CAFS). This tool will help PPP lenders review loans in their portfolios. SBA has marked some loans in some lender portfolios as requiring further research. Loan files appearing in “research” status require review by the lender.
Lenders should review all fields in these files for accuracy and completeness including Borrower Name, Borrower EIN and/or Borrower SSN. If necessary, lenders should contact borrowers to determine whether a loan should be cancelled.
Please, SBA wants lenders to complete your reviews and make necessary changes no later than 5 PM EDT on Friday, May 15, 2020. Contact CAFS if you have missed this date by calling 833-572-0502. Instructions on how to access CAFS and update records in “Research” status are attached.
2. SBA has also implemented changes by which it receives PPP loan data from lenders via E-Tran. Business type will now determine whether a loan application should be submitted with either an SSN or EIN.
3. An SSN can no longer be used in place of a primary TIN for types of businesses that require an EIN.
SBA and Treasury continue to actively monitor PPP loan systems and will continue to provide updates to the PPP lending community. Contact CAFS PPP at 833-572-0502 or email@example.com for further help.
Brent E McMahan
CGBP, CEcD, EDFP
Senior Area Manager
US Small Business Administration
1141 Montlimar Dr., Suite 1007
Mobile, AL 36609