Lender FAQs on Direct Forgiveness
- Where can I read the rule on Direct Forgiveness and COVID Score?
- Is SBA taking over the forgiveness decision responsibility from the lender?
- What controls are in place to prevent a borrower from submitting forgiveness applications on the Platform and directly to the lender?
- For Second Draw loans, which do I base my forgiveness decision on - the COVID Score or the revenue reduction documentation that my borrower provided?
- Does a satisfactory COVID Score override other facts that I know make the borrower ineligible?
- What if the PPP SBA loan number is showing as the lender loan number?
- Can the Borrower enter zero employees?
- Disbursement Date Discrepancy
- Which borrowers may use the Direct Forgiveness process?
- Is there a deadline for lenders to opt-in to the Direct Forgiveness process?
- How do we opt-in to the Direct Forgiveness process?
- How will I know if a borrower has submitted a forgiveness application?
- Where can I access a Direct Forgiveness user guide for Lenders?
- If my financial institution opts-in to use Direct Forgiveness, can we change our mind and opt-out?
- If my financial institution signs up for Direct Forgiveness, can we still accept forgiveness applications directly from our borrowers? Is this an all or nothing decision?
- When we opt-in, who will contact our borrowers to direct them to SBA's Platform?
- What controls are in place to prevent borrowers from using the Direct Forgiveness process if the lender has not opted-in or does not want a particular borrower to use the Direct Forgiveness process?
- How do I correct a mistake in a forgiveness decision?
- Will we be able to upload documentation to clear hold codes?
- Do Lenders need to retain documents that borrowers upload to SBA's Platform?
- How do I see my messages?