July 24, 2020

New PPP forgiveness application portal to go live Aug. 10

CapitolThe Small Business Administration (SBA) this week released a procedural notice regarding submission of paycheck protection program (PPP) loan forgiveness applications, as well as an information notice providing guidance on identifying and reporting suspicious Economic Injury Disaster Loans (EIDL).

The procedural notice, released yesterday, explained that forgiveness applications will be submitted through a new, lenders-only secured portal – separate from the portal that processed PPP loan applications – which is referred to as the “PPP Forgiveness Platform.”

The SBA will provide a link to the platform on their website; the platform is scheduled to go live Aug. 10.

The SBA also noted that all PPP authorizing officials (AOs) will receive an email with instructions on how to access the new platform. AOs will automatically be able to create up to 10 additional users within the platform for forgiveness application submissions. If an AO does not receive an email, they should contact the PPP Lender Hotline at 833-572-0502.

In addition, an information notice released earlier this week provided additional guidance on what a depository financial institution should do if it detects suspicious activity in a customer’s account related to coronavirus EIDL advance or loan deposits.

The SBA instructed institutions to follow the protocols of the institution’s compliance division, as well as the institution's state or federal regulator(s). The institution should also file a suspicious activity report (SAR) with the Financial Crimes Enforcement Network (FinCEN) as appropriate.

Stay tuned to NAFCU Today as more guidance and relief is provided to credit unions throughout the coronavirus pandemic. Access all relevant resources here.