A little late in the game but, how are you all handling joint intent documentation on PPP applications? I don’t see anything on form 2484 or 2483 that mentions intent at all. Is this still a requirement?

It seems the common understanding is that because loans are made to an entity and there are no guarantors that the joint intent portion of Reg B would not apply. Would love thoughts/clarification.

Guarantors are not applicants.

1002.2:

(e) Applicant means any person who requests or who has received an extension of credit from a creditor, and includes any person who is or may become contractually liable regarding an extension of credit. For purposes of §1002.7(d), the term includes guarantors, sureties, endorsers, and similar parties

Christy to the best of my knowledge the joint intent requirement in Reg. B was not waived and the the joint intent applies to all credit requests regardless if business or consumer..

How can you have joint applicants on a PPP loan?

True. Let me clarify:

If a guarantor applies with the applicant for shared or joint credit, joint intent would be required for the guarantor.

If a guarantor does not apply with the applicant, and the requirement of a guarantor is a condition of the loan, evidence of joint intent would not be required for the guarantor.

In my experience, I don't see guarantors applying jointly very often.

Correct - a guarantor required by lender policy does not trigger a joint intent.

Paragraph 7(d)(6).

1. Guarantees. A guarantee on an extension of credit is part of a credit transaction and therefore subject to the regulation. A creditor may require the personal guarantee of the partners, directors, or officers of a business, and the shareholders of a closely held corporation, even if the business or corporation is creditworthy. The requirement must be based on the guarantor's relationship with the business or corporation, however, and not on a prohibited basis. For example, a creditor may not require guarantees only for women-owned or minority-owned businesses. Similarly, a creditor may not require guarantees only of the married officers of a business or the married shareholders of a closely held corporation.

Summing up -- The joint intent requirement applies to PPP loans just as it does to any other loan. As noted, many if not most of the PPP loans don't have joint applicants, but if a PPP loan does have a joint applicant or a guarantor not required by lender policy, the joint intent must be documented during the application process.