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Can Lenders submit PPP loan applications to the SBA before the lender has reviewed the required borrower documentation and calculation of payroll costs?
No. Lenders are required to collect the information and certifications contained in the Borrower Application Form and the lender must have fulfilled its obligations set forth in the PPP Interim Final Rule. Lenders who submitted these applications without fulfilling these obligations do not need to withdraw their application, but must fulfill these obligations as soon as possible, and before loan closing.
You just learned about: Lender PPP Loan Applications Document Requirements