The Small Business Administration (SBA) has published a long-awaited procedural notice on Paycheck Protection Program (PPP) Loan Forgiveness Guidance. The notice announced that the PPP Loan Forgiveness Platform will go live and begin accepting lender submissions on Monday, Aug. 10, 2020.
The notice also included a caveat that the Aug. 10 date is subject to any new legislative amendments to the PPP forgiveness process that would require changes to the PPP system.
The SBA partnered with Goldschmitt-CRI to provide the platform to accept loan-forgiveness decisions, supporting documentation, and requests for forgiveness payments. SBA’s notice also outlines the full loan-forgiveness process, including borrower applications, lender reviews and submissions to SBA and SBA payments or denials.
“Nationally, the PPP program is credited with supporting over 51 million jobs, representing more than 75% of small business payroll in all 50 states,” said MBA President and CEO Kathleen Murphy. “All of this was achieved over three months. The success of this program can be credited to the incredible work and efforts of Maryland businesses and banks, working hand-in-hand, frequently under very challenging circumstances, with compressed timeframes, limited and delayed guidance.”
In Maryland, according to the latest SBA data (released on July 6), more than 81,300 PPP loans totaling more than $10 billion were made to businesses and nonprofits across Maryland. These loans helped support an impressive 938,434 jobs in Maryland and helped sustain the state’s businesses and nonprofits.
“With the guidance, banks are now able to begin processing the PPP Loan Forgiveness and begin submitting it to SBA on Aug. 10,” said Murphy. “However, the SBA has noted that this guidance is subject to extension if any new legislative amendments to the forgiveness process necessitate changes to the system. Maryland banks stand ready to assist PPP borrowers through the forgiveness process and remain hopeful that proposed legislation that would provide for expedited PPP Loan Forgiveness processing is implemented.”