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Lenders May Submit PPP Forgiveness Decisions Beginning Aug. 10

Lenders May Submit PPP Forgiveness Decisions Beginning Aug. 10

Posted: Jul 30 2020
The SBA has issued a procedural notice providing detailed instructions for PPP lenders on the PPP forgiveness process. The notice outlines processes for submitting decisions on PPP borrower loan forgiveness applications to SBA, requesting payment of the forgiveness amount determined by the lender, SBA loan forgiveness reviews and payment of the loan forgiveness amount determined by SBA.
 
Lenders may begin submitting their loan forgiveness decisions to SBA’s secure PPP Forgiveness Platform on Aug. 10, 2020, subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system. All PPP lender authorizing officials currently registered in the E-Tran system will receive a welcome email from SBA with instructions on accessing the platform. AOs who do not receive a welcome email should contact SBA’s PPP lender hotline at 833-572-0502 for more information.
 
SBA also said it will soon issue an interim final rule addressing how borrowers can appeal SBA’s determination on PPP loan or loan forgiveness eligibility.
 
To read more , visit: https://www.sba.gov/sites/default/files/2020-07/5000-20038.pdf
 

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