The Small Business Administration’s (SBA) PPP Forgiveness Platform will open to lenders on Aug. 10, the SBA said Thursday as it released long-awaited details on the process for submitting PPP loan forgiveness applications.
PPP Forgiveness Platform Opens Aug. 10 for Lenders: Here’s the 411
- The SBA's PPP Forgiveness Platform is expected to begin accepting applications for loan forgiveness from lenders on Aug. 10, the SBA said.
- The PPP Forgiveness Platform, which will be linked on SBA's website, will allow lenders to not only submit their decisions, but also monitor requests for forgiveness payments and monitor SBA inquiries or review notices.
- PPP Authorizing Officials (AOs) should watch for an email from the SBA with access instructions, and they can create 10 additional logins.
PPP Forgiveness Platform link will be on SBA.gov
In a procedural notice about the PPP Forgiveness Platform, the SBA said it will post a link on its website (SBA.gov) to a new, software-as-a-service (SaaS) platform through technology provider Goldschmitt-CRI, where lenders will be able to:
- Submit loan forgiveness decisions
- Submit supporting documentation for forgiveness decisions
- Submit requests for forgiveness payments
- Monitor the status of forgiveness requests/decisions
- Receive notifications of submissions that are rejected because they are incomplete or contain errors and will need to be resubmitted
- Provide ACH credit information for the lender of record account that is to receive the PPP forgiveness payments
- Monitor the status of forgiveness payments
- Respond to SBA inquiries or notifications of loan reviews
Only PPP lenders will be able to use the PPP Forgiveness Platform. PPP borrowers will need to submit their forgiveness applications (Form 3508 or Form 3508EZ) to their lender or the lender servicing the loan.
PPP Forgiveness Platform emails: Watch for them
Goldschmitt-CRI, a joint venture of IT solutions provider/consultant Goldschmitt and Associates LLC and management and financial services solutions provider Central Research Inc. (CRI), will provide the user interface and SBA platform. Users of Abrigo’s PPP Forgiveness and Administration solution, part of the Sageworks SBA Lending solution, will be able to submit multiple submissions using automation via an Application Programming Interface (APIs) to the PPP Forgiveness Platform.
The SBA said it will publish additional guidance, including step-by-step instructions, on how to use the system on the PPP Forgiveness Platform.
The Aug. 10 planned opening of the new PPP Forgiveness Platform is subject to an extension if any legislative amendments to the forgiveness process necessitate changes to the system, the SBA noted. Senate Republicans reportedly plan to unveil their proposal for the next wave of coronavirus relief next week, and some hope to include new ways to use the roughly $131 million in PPP funding that remains.
In the meantime, PPP Lender Authorizing Officials (AOs) currently in the CAFS/E-Tran system will automatically receive instructions on accessing the PPP Forgiveness Platform with a welcome email from the SBA (PPPForgivenessRequests@SBA.gov), the SBA said. Contact the SBA PPP Lender Hotline at 833-572-0502 if the AO does not receive the welcome email. AOs will be able to create up to 10 additional users, and detailed user instructions for the PPP Forgiveness Platform will be available upon login, the SBA said.