The Small Business Administration (“SBA”) has announced lenders may begin submitting applications for Paycheck Protection Program (“PPP”) Loan forgiveness August 10, 2020. As part of the announcement, the agency confirmed its intention to open a portal specific to loan forgiveness. Only lenders will have access to the portal, which may be used to submit data and documentation, monitor the status of forgiveness, and communication with the SBA regarding questions or loan reviews.
The agency said the announced opening date is subject to extension if legislators make changes to the forgiveness process. PPP lenders who are registered in E-TRAN, the system used to accept loan requests, should receive an email with instructions on how to access the portal.
According to the SBA, some 3,000 entities in New Mexico received PPP loans worth $150,000 or more. Most of roughly 19,000 organizations across the state that are participating in the program received PPP Loans worth less than $150,000.
PPP Loan Application Deadline Extended
The Small Business Administration recently extended the deadline to apply for a Paycheck Protection Program Loan until August 8, 2020. Businesses can apply for a PPP Loan with any approved and participating lender. Businesses can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, or Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. The SBA maintains a state-by-state list of lenders participating in the Paycheck Protection Program.
A comprehensive list of program rules and tools for both borrowers and lenders may be found on the U.S. Treasury website.