The SBA updated its frequently asked questions on the Paycheck Protection Program to clarify that the FINCen's April 2020 PPP FAQs still apply to second-draw PPP loans, lenders may rely on information obtained from an existing borrower during a first-draw loan application for a second-draw application and additional PPP FAQs are in the process of being revised and do not as yet reflect changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act enacted on December 27, 2020.
