On July 23, SBA announced that lenders may begin submitting PPP loan forgiveness requests to SBA on August 10. To assist lenders, SBA issued a Procedural Notice with new guidance regarding lenders’ reviews of forgiveness applications. The Notice may be found here: https://www.sba.gov/sites/default/files/2020-07/5000-20038.pdf
The Notice reaffirmed forgiveness guidance and rules previously issued. Additionally, it:
Lenders must confirm the following for each PPP forgiveness submission before SBA will accept the submission:
Additionally, when the lender approves only a part of a forgiveness request, the Lender must enter its own data for each line item for which it determined a different amount than the amount on the borrower’s loan forgiveness application. SBA will use the line item amounts entered by the lender to verify the calculations and facilitate the final forgiveness payment amount and associated interest calculation.