Treasury Department Updates Guidance – with forms

Last night and earlier this morning, the U.S.Treasury released additional documents for lenders participating in the Paycheck Protection Program.

The new documents include:

Both forms are outlined in the PPP Final Rule that was released on Thursday afternoon. To  automatically qualify to make PPP loans, a federally insured credit union must transmit a CARES Act Section 1102 Lender Agreement (SBA Form 3506). New lenders need to submit their application to designatedauthority@sba.gov

Once your credit union determines if you will be participating, please let us know, and if that participation is only for your current members. We anticipate questions on referrals of members to other participating credit unions and want to be able to assist with collaboration between our members.

Here is a more detailed interpretation of the interim rule from CUNA’s CompBlog.

Find all our coronavirus resources at http://mwcua.com/coronavirus