The Small Business Administration today notified Paycheck Protection Program lenders that certain loans in their PPP portfolios may require review. Those loans—which have been marked by SBA as being in “research” status—must be reviewed for accuracy and completeness. A lender should verify the borrower’s name, EIN or Social Security number for these loans and make any necessary changes by tomorrow at 5 p.m. EDT.
SBA provided instructions for lenders on how to access the Capital Access Financial System, which was recently updated with a new search functionality intended to help PPP lenders review the loans in their portfolios.
Additionally, SBA announced an operational change in how it receives PPP loan data from lenders through the E-Tran system. “Business type will now determine whether a loan application should be submitted with either an SSN or EIN,” SBA said, adding that lenders may no longer use a SSN in the place of a primary TIN for types of businesses requiring an EIN.
