In a letter and accompanying instructions sent to lenders Nov. 25 and published by the Independent Community Bankers of America (ICBA) and others, the Small Business Administration said lenders will receive notice of a loan review via the PPP Forgiveness Platform inbox. The notice will state whether the borrower has to fill out a Loan Necessity Questionnaire. If the borrower does need to fill out the form, the lender will need to download the appropriate form (either for a for-profit business or a non-profit firm) and send it to the borrower within five days of receiving the SBA notice. Lenders also have five business days to respond to the notice received in the inbox by uploading the standard loan review documentation requested in the notification, according to the instructions.
The lender’s next obligation is to manually enter each borrower’s responses to the questionnaire on the SBA Forgiveness Platform, in addition to uploading the borrower’s completed questionnaire and supporting documents. Lenders have five business days of receiving the completed form to complete the submission, the SBA said. “Lenders are not required to verify or validate any of the Borrower’s responses or supporting documentation,” said the guidance, which the SBA said can be accessed by lenders only on the SBA PPP Forgiveness Platform.
An SBA spokesman did not immediately respond to an email request for a copy of the letter and instructions, but several trade groups, including the Independent Community Bankers of America (ICBA), have published them on their websites.
The SBA has estimated about 52,000 of the 5.2 million loans it approved through the PPP were for more than $2 million.