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Did you receive less forgiveness than expected on your PPP loan? Read on…
On January 27, 2022, the Small Business Administration (SBA) issued a Procedural Notice which outlines a new process to allow Paycheck Protection Program (PPP) borrowers to request an SBA loan review of partial approval forgiveness decisions issued by their PPP lenders.
Specifically, borrowers that received a partial approval decision from their lenders that they do not agree with or were required by their lenders to apply for forgiveness in an amount less than the amount they believe warranted, may request an SBA review of their loan.
Borrowers must submit such a request through their lenders within 30 calendar days of notification of the SBA’s decision on their loan forgiveness application. Lenders are currently in the process of notifying any eligible borrowers whose applications for partial forgiveness were previously approved by the SBA. Such borrowers may submit a request for SBA review within 30 calendar days of receipt of this notification from their lenders.
The above process supplements the SBA appeals process (formalized on September 16, 2021) which provides borrowers the right to appeal any final decision of full or partial denial from the SBA as well as any full denial decision by lenders. Borrowers must file formal appeals directly with the SBA’s Office of Hearings and Appeals within 30 calendar days of notification of the SBA’s decision on their loan forgiveness application.
Lastly, borrowers that submitted applications for less forgiveness than warranted due to reasons such as clerical error or reducing the requested forgiveness amount by the amount of an EIDL advance, may request that lenders submit a Request for Adjustment to the SBA on their behalf. There is currently no deadline for submitting such a request.
If NEWITY services your PPP loan and you would like NEWITY to appeal your partial PPP forgiveness approval decision, please complete and submit this form. NEWITY will notify the SBA of your desire to appeal your partial forgiveness decision.