CFPB Provides Guidance on PPP Application Process
The CFPB provided additional guidance and clarification for businesses applying for a loan under the Small Business Administration's ("SBA") Paycheck Protection Program ("PPP").
In a FAQ, CFPB stated that an adverse notice must be submitted by a creditor to a PPP loan applicant in each instance in which a "completed application" is denied.
In a separate FAQ, the CFPB clarified that the time during which a creditor is waiting to receive a loan number or response regarding the availability of funds from the SBA does not count against the 30-day response period for completed PPP applications.
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