- This topic has 0 replies, 1 voice, and was last updated 4 years, 8 months ago by
.
-
Posts
-
The SBA and Treaury released a new faq related to PPP. You can access it here: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Frequenty-Asked-Questions.pdf. One q&a is related to beneficial ownership and states:
“Question: Are PPP loans for existing customers considered new accounts for FinCEN Rule CDD purposes? Are lenders required to collect, certify, or verify beneficial ownership information in accordance with the rule requirements for existing customers?
Answer: If the PPP loan is being made to an existing customer and the necessary information was previously verified, you do not need to re-verify the information.
Furthermore, if federally insured depository institutions and federally insured credit unions eligible to participate in the PPP program have not yet collected beneficial ownership information on existing customers, such institutions do not need to collect and verify beneficial ownership information for those customers applying for new PPP loans, unless otherwise indicated by the lender’s risk-based approach to BSA compliance.”
As the situation evolves, information is changing daily. Be sure to check the SBA and Treasury’s website frequently for additional or revised information.
- You must be logged in to reply to this topic.