SBA / Treasury FAQ – 26. SBA regulations require approval by SBA’s Standards of Conduct Committee (SCC) for SBA Assistance, other than disaster assistance, to certain entities…. Do they need approval of the SCC in order to be eligible for a PPP loan?

Compliance > CARES Act
Q:  SBA regulations require approval by SBA’s Standards of Conduct Committee (SCC) for SBA Assistance, other than disaster assistance, to an entity, if its sole proprietor, partner, officer, director or stockholder with a 10 percent or more interest is a current SBA employee; a Member of Congress, appointed official or employee of the legislative or judicial branch; and a member or employee of an SBA Advisory Council or SCORE volunteer; or by household members of any of the preceding individuals. Do these entities need the approval of the SCC in order to be eligible for a PPP loan?
 
A:  The SCC has authorized a blanket approval for PPP loans to such entities so that further action by the SCC is not necessary in the PPP program.
 
 
This Q&A was based on information contained from the Treasury Department’s April 2020 issuance “Paycheck Protection Program Loans, Frequently Asked Questions,” which has been updated from time to time.  This CARES Act / SBA / PPP related issuance may be found here:  https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequently-Asked-Questions.pdf
 

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