WASHINGTON—The Small Business Administration (SBA) and Treasury Department have released new paycheck protection program (PPP) FAQs to address questions related to Bank Secrecy Act (BSA)/anti-money laundering (AML) requirements.
In addition, a separate set of FAQs related to shuttered venue operators grants were released last week. This grant program was established by the Economic Aid Act enacted late last year. The FAQs address eligibility requirements, explain definitions, review application considerations, detail appropriate use of funds, and more.
The two new FAQs related to BSA/AML include:
- Applying the Financial Crimes and Enforcement Network's (FinCEN) PPP FAQs to second-draw loans
- Relying on previous information provided for a second-draw loan for BSA/AML compliance, and when to update customer due diligence and beneficial ownership information
FinCEN also reissued its PPP FAQs related to BSA to reiterate that they apply to second-draw loans.
Another new FAQ (No. 56) addresses the employee limit for public broadcasting stations operated or licensed by a college or university.
The SBA and Treasury indicate on the FAQs document that previously released FAQs (No. 1-53) are in the process of being updated to reflect changes made by recent legislation, NAFCU pointed out.