SBA Form 3506 CARES Act Section 1102 Lender Agreement

What Is SBA Form 3506?

This is a legal form that was released by the U.S. Small Business Administration on April 1, 2020 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is SBA Form 3506?
A: SBA Form 3506 is a form that lenders use to submit the Section 1102 Lender Agreement under the CARES Act.

Q: What is the CARES Act?
A: The CARES Act (Coronavirus Aid, Relief, and Economic Security Act) is a federal law enacted in response to the COVID-19 pandemic that provides economic relief to individuals and businesses.

Q: Who uses SBA Form 3506?
A: Lenders use SBA Form 3506 to submit the Section 1102 Lender Agreement.

Q: What is the Section 1102 Lender Agreement?
A: The Section 1102 Lender Agreement is the agreement between the lender and the Small Business Administration (SBA) regarding the Paycheck Protection Program (PPP) loans.

Q: What is the Paycheck Protection Program?
A: The Paycheck Protection Program (PPP) is a program established by the CARES Act that provides forgivable loans to small businesses to cover payroll and other eligible expenses.

Q: What information is required in SBA Form 3506?
A: SBA Form 3506 requires information about the lender, including contact information, and details about the lender's participation in the Paycheck Protection Program (PPP).

Q: Is SBA Form 3506 mandatory for lenders?
A: Yes, lenders are required to submit SBA Form 3506 as part of the Section 1102 Lender Agreement under the CARES Act.

Q: Can I fill out SBA Form 3506 as a borrower?
A: No, SBA Form 3506 is for lenders to submit the Section 1102 Lender Agreement. Borrowers do not need to fill out this form.

Q: What happens after SBA Form 3506 is submitted?
A: Once SBA Form 3506 is submitted, the lender's participation in the Paycheck Protection Program (PPP) will be reviewed and approved by the Small Business Administration (SBA).