Protections for Good Faith PPP Borrowers and Lenders Act
This bill revises certain provisions of the Paycheck Protection Program established to support small businesses in response to the COVID-19 (i.e., coronavirus disease 2019) pandemic.
The bill expands lender protections against enforcement actions based on the lender's reliance on certifications or documentation submitted by a loan applicant or recipient. Lenders are shielded from such enforcement actions brought under any federal, state, or other criminal or civil law or regulation.
Borrowers under the program are only subject to a related enforcement action or penalty if the borrower commits fraud or makes certain prohibited expenses with loan proceeds.
Loans under the program must be excluded from an asset threshold calculation made by a lending institution.
The Consumer Financial Protection Bureau is prohibited from exercising oversight authority over any lender regarding their participation in the program.
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