North Dakota Bankers
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State Bankers Associations Raise Concerns about 90-Day PPP Forgiveness Window

State Bankers Associations Raise Concerns about 90-Day PPP Forgiveness Window

Posted: Mar 24 2021
NDBA has joined with the other bankers associations in urging the SBA to provide clarity about the status of PPP loans that have surpassed the 90-day period by which SBA is required to provide a decision on whether to forgive the loan, under a January 2021 interim final rule. The state associations urged SBA to immediately review all loans that have been in review for more than 90 days.
 
“We have heard repeatedly from our members across the country that SBA has exceeded this regulatory deadline, sometimes by weeks or months,” the state associations said. “When lenders inquire with SBA, they are often met with silence about when SBA’s review will conclude and whether the loans in question will be forgiven. This lack of information leaves the small business borrowers in a state of uncertainty and without the ability to fully utilize their capital resources while they wait for a decision from SBA.”
 
To read the letter, visit:  http:www.ndba.com/uploads/48/StateAssociationsLettertoSBAreForgivenessDelays032221.pdf

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