The Small Business Administration today published Form 3506, which non-SBA lenders must submit in order to receive delegated authority to issue 7(a) loans under the Paycheck Protection Program. Banks not already certified as SBA 7(a) lenders have been waiting for this form to begin accepting PPP loan applications. Completed forms can be submitted to [email protected].
In addition to sharing the SBA form, ABA today released several new resources to help bankers navigate the PPP. The resources include a summary and frequently asked questions document and a set of talking points for use with media or consumers.
The FAQ document includes dozens of questions submitted by bankers in recent days and addresses access to the SBA’s E-Tran system, the paperwork banks must file, agents and agent fees, borrower eligibility questions (including churches and agricultural businesses), documentation and signature requirements, Bank Secrecy Act expectations, payroll calculations, loan forgiveness and several other issues. The FAQ will be updated as more information becomes available.
To provide more context for bankers, a bonus episode of the ABA Banking Journal Podcast released today features a conversation with Iowa bank CEO Greg Gannon, who approved and funded PPP loans this morning, and questions answered by ABA’s James Ballentine and Dan Martini, who are working closely with SBA and the Treasury Department on PPP implementation.
Read all ABA Banking Journal coverage of the SBA Paycheck Protection Program.