A&A Update – SBA Publishes Application for Non-SBA Lenders to Originate PPP Loans

By April 7, 2020Industry Updates

On April 2, 2020, the Small Business Administration (SBA) published a new form for financial institutions not currently registered as SBA 7(a) lenders to use when applying for approval as a Paycheck Protection Program (PPP) lender. Form 3506 must be completed by non-SBA lenders and submitted to the SBA at DelegatedAuthority@sba.gov in order to receive delegated authority to issue 7(a) loans under the PPP. Banks that have been eager to participate in the program but were not already certified as an SBA 7(a) lender may begin accepting PPP loan applications once approval is received from the SBA.