Paycheck Protection Program borrowers may request an SBA loan review of partial forgiveness decisions issued by their PPP lenders, according to a recent SBA procedural notice.
PPP borrowers may request reviews of partial forgiveness decisions
February 08, 2022 / By ICBA
Paycheck Protection Program borrowers may request an SBA loan review of partial forgiveness decisions issued by their PPP lenders, according to a recent SBA procedural notice.
Paycheck Protection Program borrowers may request an SBA loan review of partial forgiveness decisions issued by their PPP lenders, according to a recent SBA procedural notice.
Details: Under the procedural notice:
When a lender receives a forgiveness remittance from SBA on a PPP loan for which only a portion was forgiven, the lender must inform the borrower that it has 30 calendar days to seek an SBA loan review of the lender’s partial approval decision.
By Feb. 26, lenders must notify all borrowers with loans that received a partial forgiveness decision that they have 30 days to seek the review through their lender.
SBA retains discretion to accept or deny the borrower’s request to review the loan.
If SBA selects the loan for review, the loan is not deferred and the borrower must continue to make payments on the remaining balance of the loan.
More: SBA also said it will provide lenders with additional guidance through the PPP platform, including step-by-step instructions.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
