Buckley Webcast: Digital SBA loans under the Paycheck Protection Program: Understanding the special rules and challenges
As small businesses are lining up in record numbers to participate in the SBA’s Paycheck Protection Program, lenders and applicants are wrestling with the digital loan requirements. PPP participation has not been without challenges, and while most of the attention has focused on borrower eligibility, lender enthusiasm, and platform capacity, stay-at-home restrictions dictated by the Covid-19 pandemic raise concerns: All parties must have the ability to execute loan applications and documents remotely.
This webcast covered legal, compliance, business process, technology, and timing challenges. Issues covered included: (1) authentication of the borrower, (2) the signing process, (3) record retention and eVaulting, and (4) lender liability.
Buckley LLP founding partner Jerry Buckley moderated the discussion and Q&A on digital financial transactions with:
- Edward Somers, Counsel, Buckley LLP
- Brian Madocks, CEO, eOriginal, Inc.
- Michael Chodos, CEO, Monolith Strategic
The discussion covered the program requirements, roles, and responsibilities, and focus on the SBA’s Special Rules under the Standard Operating Procedures Appendix 8 for eSignatures and eVaulting.
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