Thursday, December 3, 2020

PPP cutoff approaching

The Paycheck Protection Program (PPP) cutoff is June 30.

According to the SBA’s Dustin Allen, it will be a hard and fast cutoff at Close of Business on June 30. If an application has not been input in to ETRAN and reached the approval stage by that time it will not be given consideration. Allen urges bankers to make sure all their loans are in ETRAN by that deadline because there will not be an exception process.

The SBA has seen an increase in requests from borrowers to find lenders still participating. If you’re still making loans, please email Dustin Allen (dustin.allen@sba.gov) and let him know.

Click here to access the updated Interim Final Rule on Forgiveness, which incorporates all changes from the CARES Act revisions.

Click here to access the Interim Final Rule, which addresses eligibility changes from the first version. Specifically, it covers the cooling off period between a felony conviction and PPP application.

“There is still no word on when we can expect the Forgiveness Portal or information on how we will be deploying that,” Allen said.