SBA / Treasury FAQ – 54. Are FinCEN’s April 2020 Frequently Asked Questions regarding the Paycheck Protection Program (PPP) applicable to Second Draw PPP Loans?

Compliance > CARES Act
Q:  Are FinCEN’s April 2020 Frequently Asked Questions regarding the Paycheck Protection Program (PPP) applicable to Second Draw PPP Loans?
 
A:   Yes. The FinCEN April 2020 PPP Frequently Asked Questions (FAQs) apply to Second Draw PPP Loans. If you have general questions about requirements related to customer due diligence or beneficial ownership, please see https://www.fincen.gov/resources/statutes-and-regulations/cdd-final-rule.
 
 
This Q&A was based on information contained from the Treasury Department’s January 29, 2021, version of “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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