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PPP Loan Forgiveness

If you haven’t applied for forgiveness of your PPP Loan, we encourage you to apply as soon as practical. Here’s what you can expect in the process:

  1. Navigate to https://customersbank.lenderscooperative.com (“the Portal”) to begin your application.
  2. Through the Portal, you will provide information required by the SBA. The Portal has useful resources and guidance information to answer questions you may have about the process.
  3. While unlikely, if our Processing Team has any questions, they will reach out to you directly.
  4. When you have completed the application, you will receive your completed forgiveness application for signature electronically.
  5. Upon completion, if your application is complete and accurate, our Processing Team will submit your forgiveness application to the SBA with Customers Bank’s recommendation for the SBA’s final approval.
  6. The SBA has up to 90 days from Customers Bank’s submission to process the forgiveness decision.
  7. For some forgiveness applications, the SBA may request additional documentation from the borrower, and if that applies to your application, Customers Bank will contact you with their request and facilitate the transfer of documents to the SBA.
  8. At any point during this process, you may check the status of your application directly through the Portal.
  9. Once the SBA has made its decision, Customers Bank will be notified of your forgiveness amount, and, in turn, we will notify you when the forgiveness payment on your loan is made.

Please note: approval of any forgiveness applications is subject to compliance with applicable law, including PPP.

If you haven’t applied for forgiveness of your PPP Loan, we encourage you to apply as soon as practical. Here’s what you can expect in the process:

  1. Go to the SBA Direct Forgiveness Portal (“the Portal”) to begin your forgiveness application.
  2. Through the Portal, you will provide information required by the SBA. The Portal has useful resources and reference information to answer questions you may have about the process.
  3. When you have completed the application, you will receive your completed forgiveness application for signature electronically.
  4. Once your application is signed, the SBA Direct Forgiveness Portal will provide your application to Customers Bank for processing.
  5. While unlikely, if our Processing Team has any questions, they will reach out to you directly.
  6. Upon completion, if your application is complete and accurate, our Processing Team will submit your forgiveness application to the SBA with Customers Bank’s recommendation for the SBA’s final approval.
  7. The SBA has up to 90 days from Customers Bank’s submission to process the forgiveness decision.
  8. For some forgiveness applications, the SBA may request additional documentation from the borrower, and if that applies to your application, Customers Bank will contact you with their request and facilitate the transfer of documents to the SBA.
  9. At any point during this process, you may check the status of your application directly through the Portal.
  10. Once the SBA has made its decision, Customers Bank will be notified of your forgiveness amount, and, in turn, we will notify you when the forgiveness payment on your loan is made.

Please note: for certain borrowers the SBA may not be able to process their forgiveness application. If that is the case, they will be notified through the Portal and instructed to apply for forgiveness directly with Customers Bank. The Bank will also be advised and reach out directly to those applicants with an email invite to register through a different PPP forgiveness portal. Approval of any forgiveness applications is subject to compliance with applicable law, including PPP.

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