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