The SBA issued an interim final rule with answers to questions on Paycheck Protection Program loan increases and disbursements as well as 1502 reporting. The rule says:
  • If a partnership received a PPP loan that did not include any compensation for its partners, lenders may increase the loan amount to include partner compensation.
  • If a seasonal employer received a PPP loan before the alternative criterion for determining the maximum loan amount for seasonal employers became available, the loan amount may be increased based on a revised calculation using the alternative criterion.
  • If a borrower’s PPP loan has already been fully disbursed, lenders may make an additional disbursement for the increased loan proceeds.
  • However, these types of loan increases cannot be made once the first SBA Form 1502 report has been filed on the loan or the due date for the first Form 1502 report on the loan has passed.
  • As detailed in its May 8 interim final rule, lenders must submit Form 1502 information within 20 calendar days after a PPP loan is approved, or by May 22 for loans approved before the form is available, to collect processing fees on fully disbursed PPP loans.