Feb. 08, 2022
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.