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New Guidance for PPP Loans Fails to Provide Automatic Forgiveness

Your PPP loan portfolio may be impacted by this update. ACAP can help. The SBA and Treasury released a simplified loan forgiveness application for PPP loans of $50,000 or less. The two-page forgiveness application, called Form 3508S, is designed to ease the servicing burdens for lenders currently weighed down by collecting required borrower information and documentation.

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Ready for PPP Forgiveness? How to Protect Your PPP Borrowers.

You’ve originated PPP loans, but there is still much to do. You know it’s time to maximize PPP forgiveness opportunity for your borrowers – but how? In just three steps, lenders like you are liberating themselves from the PPP servicing and forgiveness process and getting back to banking.

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Lenders Are Selling Their PPP Portfolios & Outsourcing Servicing. Should You?

You’ve played a critical role in supporting small businesses through PPP lending. It’s time to liberate yourself and get back to banking. Northeast Bank’s recent sale of $457.6 million in PPP loans to ACAP & The Loan Source immediately off-loaded the servicing responsibility and forgiveness process, allowing the Bank to accelerate its PPP income…