This Banker Direct is to inform our bankers that SBA has begun remitting PPP loan forgiveness payments to lenders.
To ensure successful payment processing, we encourage you to:
• Recheck your institution settings within the PPP Forgiveness Platform (e.g. distribution list for email notifications, routing and account number and interest accrual method selection).
• Perform a final check of your submitted forgiveness decisions to ensure the forgiveness amount in the Platform matches your records. As a reminder, the Platform does not accept or support corrections after payment remittance by SBA.
• Confirm your institution’s interest accrual method. Unless you notify SBA otherwise, the interest rate for loan forgiveness payments is simple interest at 1% using the “bank method” – 360/365. If your institution used the “stated method” (365/365) or compound interest, please make this selection within the platform under institution settings.
All questions can be directed to email@example.com.