SBA PPP Update: Direct Forgiveness Processing, Forms, and Forgiveness Data

SBA released a Lenders Line notice yesterday to include information regarding PPP forgiveness, forms, and program data. In the release, SBA stated that it remains on schedule to begin taking Direct Forgiveness as of Tuesday, Aug 4. The pilot process reportedly went well with positive feedback from both participating lenders and borrowers. Participating lenders should have received a welcome package that includes sample messaging that may be used to welcome borrowers. SBA also encourages lenders to notify their borrowers of the Direct Forgiveness platform launch and the associated live customer service. SBA is to furnish frequent updates of the status of the program, lessons learned, and enhancements. SBA has already added several features to make it easier for borrowers to find their SBA Number and engage in the Direct Forgiveness process. SBA is to hold weekly direct borrower training.    

SBA also released new PPP Forgiveness Applications which have an effective date of July 31, and form expiration date of Jan 2022. WBA and FIPCO are in the process of making the newest version of the forms fillable. The forgiveness forms may be viewed at:

3508 Standard PPP Forgiveness Application

3508EZ Streamlined PPP Forgiveness Application for certain loans > $150,000

3508S Simplified PPP Forgiveness Application for loan < $150,000

3508D Borrower’s Disclosure of Certain Controlling Interests

SBA also released the latest PPP Forgiveness Platform Lender Submission Metric Report, effective Jul 30.

By, Cassie Krause