Thursday, April 18, 2024

SBA releases information on correcting PPP forgiveness errors

The Small Business Administration is establishing a forgiveness payment correction process for lenders that made a mistake in requesting the accurate forgiveness amount. Effective immediately, lenders can send a platform message, using message type of “Payment or Reconciliation Questions”, to request forgiveness payment corrections. The message must include the SBA loan number, the amount of the correction being requested and the reason that the correction is necessary. SBA is finalizing the internal procedures for payment corrections and expects to begin processing correction requests July 1.