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PPP Loan service and forgiveness

We’re proud to do our part to get America’s small businesses back on track. Get information on 2020 and 2021 PPP loan forgiveness.

2020 PPP Borrowers

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:

Originator Forgiveness Agent

Customers Bank

Crowe — to be admitted to the portal please email: [email protected]

ReadyCapital

ReadyCapital

On Deck < $150,000

SBA Direct Forgiveness Portal

On Deck > $150,000

Coming Soon

Kabbage

K-Servicing

2021 PPP Borrowers

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:

Originator Forgiveness Agent

SmartBiz < $150,000

SBA Direct Forgiveness Portal

Leader Bank > $150,000

SBA Direct Forgiveness Portal

PayPal < $150,000

SBA Direct Forgiveness Portal

SmartBiz > $150,000

Coming Soon

Leader Bank < $150,000

Coming Soon

PayPal > $150,000

Coming Soon

Lendio

Coming Soon

Kabbage

K-Servicing

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.

Get in touch.

If you have questions about your PPP loan or forgiveness application, talk to us today.

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