The Small Business Administration sent out a notice reminding lenders that loans marked with a “research” status in their Paycheck Protection Program portfolios should be reviewed for accuracy and completeness, by 8 p.m. (Eastern time) Thursday, May 28. If necessary, lenders should contact borrowers to determine whether a loan should be cancelled, SBA said.
The SBA provides step-by-step instructions on how to use the search functionality within the E-Tran Servicing section of the Capital Access Financial System to locate loans with the “research” designation and to review and confirm records on those loans.
The notification follows the release last week of a procedural notice on submitting the initial SBA Form 1502 to report on PPP loans and collect the processing fees on fully disbursed loans. ICBA last week provided its comprehensive recommendations for Congress to include in the next COVID-19 response package, including PPP reforms on spending restrictions and loan forgiveness.