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The Small Business Administration (SBA) recently released a notice stating lenders may begin to submit Paycheck Protection Program (PPP) loan forgiveness applications starting Aug. 10. The notice goes on to reveal the SBA is creating a lender-only portal specific to loan forgiveness in which PPP lenders can use the portal to submit information, monitor forgiveness status and interact with the SBA.
The notice clarifies that PPP lenders who are already registered in E-TRAN, the system used to initially accept loan requests, can expect to receive a welcome email containing instructions on how to access the portal. If a welcome email is not received, institutions should contact the SBA’s PPP Lender Hotline at 833-572-0502 for further instructions.
Since legislators extended the time in which businesses could use their PPP funds as well as increased the ways in which the loan could be used, many loans are anticipated to be fully forgiven. For borrowers to receive full loan forgiveness, they must have spent at least 60% of their loan on payroll expenses, with the rest available to use for overhead costs.
A large number of borrowers quickly spent their PPP money and have been anxious to move toward getting their loans forgiven. However, it is important to note that lenders will have different dates for when they can begin to accept loan forgiveness applications from businesses. The portal’s opening date is subject to extension if legislators change processes that affect the system. Other guidance, such as the recent SBA’s FAQs, may also impact your loan forgiveness application.
Doeren Mayhew will continue to keep you updated as we navigate this unprecedented loan forgiveness period. In the meantime, contact us with any questions.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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