July 29, 2022
The Small Business Administration said its Paycheck Protection Program platform can now accept borrower requests to review lenders’ partial forgiveness decisions.
Review Policy: Under a procedural notice issued earlier this year:
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.
Lenders were required by Feb. 26 to 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.