FinCEN affirms PPP FAQs

FinCEN has again issued FAQs confirming identical FAQs issued by SBA in connection with the Paycheck Protection Program. The SBA recently re-issued its PPP FAQs, adding two interpreting application of FinCEN regulations to Second Round PPP loans. As administrator of the Bank Secrecy Act, FinCEN has issued its own document with the applicable FAQs, indicating that borrowers and lenders may rely on the guidance in the FinCEN document as SBA's interpretation of the CARES Act and of the PPP Interim Final Rule. FinCEN also stated it will not challenge lender PPP actions that conform to that guidance, and to the PPP interim final rule and any subsequent rulemaking in affect at the time.

FAQs 1 and 2 in the FinCEN document are repeats of FAQs issued in April 2020. Questions 3 and 4 are the same as questions 54 and 55 of the updated SBA FAQs.