Wednesday, December 2, 2020

SBA begins remitting PPP loan forgiveness payments to lenders

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 help@ussbaforgiveness.com.