SBA Issues PPP FAQs
November 20, 2024
Bob Coleman
Founder & Publisher
SBA Issues PPP FAQs
The 8-page documentation is attached.
A key point of emphasis is that lenders who still need to submit guarantee purchase requests are now under a 30-day deadline imposed by SBA to submit documentation when requested.
The FAQs answer the following questions:
1. What is the process for SBA’s forgiveness loan reviews and guarantee purchase reviews?
2. What does SBA check for in a manual guarantee purchase review?
3. What information does SBA require to demonstrate lender compliance with each PPP underwriting requirement for a manual guarantee purchase review?
4. How long does a lender have to respond to a PPP guarantee purchase manual review document request?
5. What is the reconsideration process for a PPP guarantee purchase manual review?
6. What is the process for a borrower to file a PPP forgiveness appeal?
7. How is SBA working through loans where the borrower repaid some portion of the loan and then received full forgiveness?
8. If a borrower fully repaid the lender and later qualified for forgiveness, who is responsible for refunding the borrower?
9. What should a borrower do if they owe a partial repayment on a PPP loan but cannot afford to repay in one payment?
10. How can a lender see a PPP loan’s forgiveness status in process?
11. What happens if a loan is forgiven after SBA has purchased the guarantee?
12. How does SBA account for the interest portion of payments made by borrowers on PPP loans before the loan was forgiven?
13. How does SBA account for loans in the forgiveness appeals process?
14. What should a lender report to SBA when a borrower has agreed to the reception of regular payments after SBA has purchased the guarantee?
15. Will lenders be notified when a borrower submits a forgiveness application to the direct borrower forgiveness platform?