* The Small Business Act authorizes the Administrator to conduct investigations to determine whether a recipient or participant is ineligible for a loan, or has violated section 7(a), or any rule, regulation or order issued thereunder. The Administrator may review whether a borrower is eligible for the PPP loan based on the provisions of the CARES Act, the rules and guidance available at the time of the borrower's PPP loan application, and the terms of the borrower's loan application. See 1.e of the IFR RIN 3245-AH47.
Disclaimer: The Borrower is ultimately responsible for the determination of eligibility for a loan and for the forgiveness of such loan under the Paycheck Protection Program. Borrowers are reminded to carefully consider all required representations and certifications. The Administrator (the U.S. Small Business Administration (SBA) and the U.S. Department of the Treasury) allows lenders to rely on certifications of the borrower and to rely on specified documents provided by the borrower to determine qualifying loan amount and eligibility for loan forgiveness. Information contained herein does not constitute legal advice or a determination of eligibility. If you have specific questions regarding a particular circumstance, we urge you to consult competent legal counsel.
The Paycheck Protection Program is governed by certain sections of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) as clarified by interim final rules of April 3, 2020, April 14, 2020, April 24, 2020, April 28, 2020, April 30, 2020, May 5, 2020, May 8, 2020, May 13, 2020, May 14, 2020, May 18, 2020, May 20, 2020, and May 22, 2020, and by through FAQ’s published by the Administrator. The conditions and parameters for loan forgiveness are subject to change based on rules and guidance provided by the Administrator. For more information, please visit the U.S. Department of Treasury’s Paycheck Protection Loan website or the SBA’s Paycheck Protection Program website.