Grant of Relief
Under the authority provided by section 279 of the COVID Relief Act, the Treasury Department and the IRS waive the requirement to file information returns or furnish payee statements as described in the following list:
- Original PPP covered loan forgiveness. A lender is not required to file with the IRS, or furnish to a borrower, a Form 1099-C reporting forgiveness of PPP covered loans under section 7A(i) of the Small Business Act as redesignated, transferred, and amended by the Economic Aid Act.
- PPP II covered loan forgiveness. A lender is not required to file with the IRS, or furnish to a borrower, a Form 1099-C reporting forgiveness of PPP II covered loans under section 311 of the Economic Aid Act.
- Student emergency financial aid grants. A grantor is not required to file with the IRS, or furnish to a student, a Form 1099-MISC, Miscellaneous Information, reporting the payment of an emergency grant to the student under section 3504, 18004, or 18008 of the CARES Act or another emergency financial aid grant described in section 277(b)(3) of the COVID Relief Act made to students in response to qualifying emergencies.
- Treasury Program loan forgiveness. A lender is not required to file with the IRS, or furnish to a borrower, a Form 1099-C reporting forgiveness of loans under section 1109 of the CARES Act.
- EIDL grants. The Administrator is not required to file with the IRS, or furnish to a recipient, a Form 1099-MISC reporting the payment of an advance under section 1110(e) of the CARES Act or a grant under section 331 of the Economic Aid Act.
- Loan subsidies. Neither the Administrator nor a lender is required to file with the IRS, or furnish to a borrower, a Form 1099-MISC reporting the payment of principal, interest, and any associated fees through a loan subsidy authorized under section 1112(c) of the CARES Act.
- Shuttered venue operator grants. The Administrator is not required to file with the IRS, or furnish to a recipient, a Form 1099-MISC reporting the payment of a grant to a shuttered venue operator under section 324(b) of the Economic Aid Act.
OTHER INFORMATION REPORTING
The waivers of information reporting requirements described in section III of this notice apply only to requirements to file and furnish Form 1099 series information returns and payee statements for the described grants, payments, subsidies, or loan forgiveness, which are excluded from gross income. The waivers do not affect any requirements to file and furnish other forms, such as forms in the 1098 series. For example, the waiver does not apply to the requirement to file and furnish Form 1098-T, Tuition Statement, with respect to any payments received for qualified tuition and related expenses, including qualified tuition and related expenses paid with grants described in this notice.
Because borrowers may deduct mortgage interest that the Small Business Administration (SBA) paid to lenders under section 1112 of the CARES Act, lenders may include those mortgage interest payments in Box 1 of Form 1098, Mortgage Interest Statement, notwithstanding § 1.6050H-1(e)(3)(ii) of the Income Tax Regulations. The payments should be included on both the Form 1098 that is filed with the IRS and the copy that is furnished to borrowers. Including this interest on Form 1098 will inform borrowers of the total amount of mortgage interest they may deduct. In addition, this reporting will avoid discrepancies between interest reported to the IRS and interest claimed as a deduction by borrowers on their income tax returns. The filing of information returns with the IRS omitting mortgage interest that the SBA paid to lenders under section 1112 of the CARES Act could result in the issuance of underreporter notices (IRS Letter CP2000) to eligible recipients who correctly deduct that interest. Lenders who are unable to furnish by February 1, 2021, a Form 1098 to a borrower that includes mortgage interest that the SBA paid to lenders under section 1112 of the CARES Act may furnish a corrected Form 1098 including this interest in box 1. Lenders are encouraged to do so as promptly as possible.
SBA Points of Contact and Access to Information
PPP LENDERS ONLY: Paycheck Protection Program
Hotline: (833) 572-0502 for:
- PPP questions and procedures
- Live assistance regarding SBA Paycheck Protection Platform access and support
- Capital Access Financial System (CAFS) and SBA’s Electronic Transmission (E-Tran) systems support
SBA Paycheck Protection Platform
- Platform User Guide
SBA Paycheck Protection Platform Inbox (accessed within the Platform):
- Loan-specific inquiries
- General PPP support
- General Platform functionality
- Platform access
- Policies and procedures
- Loan review
- Payment reconciliation
- General correspondence
If unable to access the SBA Paycheck Protection Platform inbox:
- Alternative access to the Platform Inbox: [email protected]
- General PPP questions: [email protected]
- Advanced technical support, API support and UAT error support:[email protected]
- PPP Lender Fees – questions and corrections:[email protected]
E-Tran and CAFS – questions and technical support:
- [email protected] or 833-572-0502 or SBA Paycheck Protection Platform inbox
Regular SBA Business Loan Programs:
- 7(a) Loan Program: Contact your SBA District Office; or [email protected]
- 504 Loan Program: Contact your SBA District Office; or [email protected]
- Microloan Program: Contact your SBA District Office; or [email protected]
SBA LENDERS AND PUBLIC:
Questions on PPP, 7(a), Microloans, or 504 Loan Programs: Contact your SBA District Office
PPP Public Documents & Guidance: PPP Information – Treasury PPP Information – SBA
Comments on PPP interim final rules: https://www.regulations.gov or, only if including confidential business information: [email protected]
Office of Disaster Assistance (Disaster/EIDL):
- General questions: [email protected] or 800-659-2955
- For subordination of collateral with EIDL: [email protected]
- To report waste, fraud, or abuse: OIG hotline 800-767-0385 or [email protected]