To finalize its decision, the lender is required to notify the SBA and the borrower of what was decided

To finalize its decision, the lender is required to notify the SBA and the borrower of what was decided

  • For second-draw loans only, verify that the supporting documentation reconciles to the borrower’s revenue reduction calculation. (The SBA’s requirements for second-draw PPP loans likely will not come due until this summer at the earliest.)

Lenders have 60 days from receipt of a complete application to issue a decision on forgiveness to the SBA. Decisions made must be one of the following: approval in whole, approval in part, or denial. Approval in part would happen if the lender determined that the borrower is not eligible for the entire amount of forgiveness requested-for example, if payroll costs do not exceed 60 percent of total eligible costs.

Communicating forgiveness decisions with the SBA and borrower

Although loan forgiveness must be determined by the lender, all loan decisions must be submitted to the SBA. Sigue leyendo To finalize its decision, the lender is required to notify the SBA and the borrower of what was decided