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ABA: The American Bankers Association
Compliance News

FinCEN Updates Paycheck Protection Program FAQs

The Financial Crimes Enforcement Network updated its frequently asked questions on the Small Business Administration’s Paycheck Protection Program, which address how lenders can meet Bank Secrecy Act requirements when issuing a PPP loan. FinCEN confirmed that these FAQs—which were originally published in April 2020—remain applicable to second-draw PPP loans, and that lenders may rely on information obtained from a borrower during a first-draw loan application for a second-draw application, provided the borrower is an existing customer.