PPP Loan Customer Service

PPP Loan Forgiveness

All 2020 PPP Loan Borrowers who have not applied for Loan Forgiveness should do so IMMEDIATELY. Borrowers are given up to 10-months from the completion of their “covered period” to apply for forgiveness. You can still apply after that time, but loan repayment may begin.

Loan forgiveness processes may differ with the firm used to file the original loan application. Borrowers MUST apply for PPP loan forgiveness with the specific agent assigned to loan originators. The following chart lists the agents handling PPP Loan forgiveness dependent upon the loan originator:

All 2021 PPP Loan Borrowers with loan balances of $150,000 or less may now apply for forgiveness but are not required to do so immediately. Borrowers are given up to 10- months from the completion of their “covered period” to apply for forgiveness.

The SBA and PPP Loan forgiveness agents are currently still building portals to process forgiveness applications for loans over $150,000.
Borrowers with loans above $150,000 will be notified when forgiveness application portals are open to them.

2021 borrowers MUST apply for PPP loan forgiveness with the specific agent assigned to loan originators. The following chart lists the agents handling PPP Loan forgiveness dependent upon the loan originator:

What Can You Expect from the SBA Direct Forgiveness Portal Process?

  1. Go to the SBA Direct Forgiveness Portal at https://directforgiveness.sba.gov to register into the portal and begin the process.
  2. Through the Portal, you will provide information required by the SBA to complete your application for forgiveness of your PPP loan. The platform has useful reference information to answer questions you may have about the application and process.
  3. When you have completed the application in the portal, you will receive your completed
    forgiveness application for signature electronically.
  4. Once your application is electronically signed and returned, the SBA Direct Forgiveness Portal
    will provide your forgiveness application to Customers Bank for processing.
  5. Customers Bank has up to 60 days for this review and processing.
  6. While unlikely, if during processing our processing team has any questions, they will reach out to you directly by messages through the SBA Portal or by email.
  7. Upon completion of processing, our processing team will submit your forgiveness application to
    the SBA with the Bank’s recommendation for the SBA’s final approval.
  8. The SBA has up to 90 days from Customers Bank’s submission to process the forgiveness
    decision.
  9. During the process, you can access the SBA Direct Forgiveness Portal and see information about
    the current status of your forgiveness application.
  10. Once the SBA decision has been made, Customer Bank will be notified of your forgiveness
    amount.
  11. Sometime after the SBA and Customers Bank agree on the loan forgiveness amount, the SBA
    will pay the forgiven loan amount to the bank.
  12. If your PPP loan was 100% forgiven and Customers Bank was repaid by SBA, you will be notified
    that your loan is forgiven and your terms are satisfied. You will then be released from the loan. If your
    loan WAS NOT 100% forgiven, you will be notified of payment terms on the remaining balance.

Remember that these processes can take several weeks for each step. If your loan forgiveness
application was submitted within 10 months from the covered period, there is no repayment and
no interest during this period.