Demystifying the CARES Act Webinar - April 3, 2020 CARES Act Webinar – BD 4.3.2020 | Page 41

PPP LOAN
LENDERS
The program requirements of the PPP identified in
this rule temporarily supersede any conflicting
Loan Program Requirement (as defined in 13
CFR 120.10). Loans are 100 percent guaranteed
by the SBA and the fact that lenders will receive a
substantial processing fee from the SBA provide
ample inducement for lenders to participate in the
PPP. The lender must submit SBA Form 2484
(Paycheck Protection Program Lender’s
Application for 7(a) Loan Guaranty) electronically
in accordance with program requirements and
maintain the forms and supporting documentation
in its files.
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