The SBA issued a Procedural Notice to all SBA Employees and PPP Lenders that clarifies the process for Lender submission of PPP loan forgiveness decisions to the SBA and SBA forgiveness reviews. Here are some select highlights of the procedural notice.
- The SBA has partnered with a financial services technology provider to accept loan forgiveness decisions, supporting documentation, and requests for forgiveness payments from PPP Lenders.
- The PPP Forgiveness Platform is available only to PPP Lenders and not PPP Borrowers.
- The PPP Forgiveness Platform will go live and begin accepting Lender submissions on August 10, 2020, subject to any new legislative amendments.
- The full Procedural Notice can be found here.
- Please continue to review the SBA’s PPP FAQ’s here.