SBA updates PPP FAQs with BSA/AML guidance

The SBA updated its frequently asked questions on the Paycheck Protection Program with guidance on the Financial Crimes Enforcement Network and BSA/AML compliance.

The updates note that FinCEN's April 2020 FAQs on the PPP apply to second-draw loans. Further, lenders can use borrowers' first-draw PPP loan information for a second-draw loan application for purposes of BSA/AML compliance, if the borrower is an existing customer.

The updated FAQs also clarify how PPP employee limits apply to public broadcasting stations affiliated with a college or university.

Additionally, the SBA issued a new set of FAQs on the Shuttered Venue Operators Grant program established by the Economic Aid Act to support performance venues and movie theater operators.

Additional PPP information and resources are available on the SBA and Treasury sites, ICBA's PPP and EIP News page, the Independent Bankers Association of Texas's matrix of PPP updates in the stimulus law, and ICBA's summary of the stimulus package's community banking provisions.