New PPP Lender Requirements

Federally insured depository institutions are already approved so these bullet points apply mainly to non-bank financing providers and online lenders.

  • Must already originate, maintain, and service business loans or other commercial financial receivables and participation interests

  • Have already been in compliance with the Bank Secrecy Act since at least February 25, 2019

  • Have already originated, maintained, and serviced more than $50 million worth of business loans or other commercial financial receivables during a consecutive 12 month period in the past 36 months, or is a service provider to any insured depository institution that has a contract to support such institution’s lending activities in accordance with 12 U.S.C. Section 1867(c) and is in good standing with the appropriate Federal banking agency.

Loan underwriting requirements

  • Confirm receipt of borrower certifications contained in Paycheck Protection Program Application form issued by the Administration;

  • Confirm receipt of information demonstrating that a borrower had employees for whom the borrower paid salaries and payroll taxes on or around February 15, 2020;

  • Confirm the dollar amount of average monthly payroll costs for the preceding calendar year by reviewing the payroll documentation submitted with the borrower’s application; and

  • Follow applicable Bank Secrecy Act requirements

  • Email is for an application


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