Wet Signature or Scanned Copy Required for SBA PPP Loans

The SBA PPP saga continues to twist and turn. We are now hearing from many banks and credit unions that the SBA is requiring a wet signature or a scanned copy of an actual signature rather than simply an electronic signature. The email being sent out reads:

Just wanted to get you the most updated information I have as of this morning (Sunday, April 5th, 2020). The SBA is sending us changes to the process several times each day. There are two options to proceed with. I will outline those below the best I can. Please complete the excel spreadsheets in the attachment and include the accompanying documentation if you have not already done so. Please double check your numbers to make sure they match the application as well. I have had a few that have not matched up. The SBA is requiring a new application if there are discrepancies rather than a correction noted. The employee listing spreadsheet is important as it sounds like it may be used as part of the verification of the forgiveness option feature of the loan once that part is finalized. We are also being told the application signatures have to be a wet signature (scanned copy is ok) rather than electronic signature.

This is getting more and more ridiculous by the hour. Now small business owners are going to have to fax or scan in a physical copy of their signature to put on the loan. Obviously, most banks and credit unions are closed because of the virus so the small business owners are not going to be able to go in and physically sign the applications for the payroll protection loans.

Have you gotten an email like this from your bank?

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