SBA Issues New Guidelines for PPP Loan Forgiveness

Late last Friday the SBA and Treasury issued more guidance for the Paycheck Protection Program; the latest interim final rule focused on the requirements for loan forgiveness and the responsibilities of lenders during the forgiveness program; banks will be required to issue decisions on borrowers’ forgiveness applications within 60 days after receiving them and then the SBA said it would pay the lenders within 90 days; also lenders will lose any fees for loans that the SBA deemed ineligible and could even claw back fees that have already been paid; this was not received enthusiastically by bankers as you can imagine with the CEO of one community bank stating, “They had us make a bunch of loans to businesses that don’t qualify with the old ‘don’t worry’ and now it’s on us.” American Banker

  • Emily Donato

    With efforts in many different areas of the team, she helps manage, organize and execute digital and event content. She works with webinars, podcasts, social media along with managing the hundreds of speakers that attend our conferences. Emily was a part of the Zimmerman Advertising Program at the University of South Florida. She graduated in 2019 receiving a Bachelor of Science in Business Advertising.