C/A Summary of SBA Procedural Notice: Resubmissions of Loan Forgiveness Applications, Lender Notice Responsibilities, and Offset of Remittances:
Updated 01/20/2021
The following is a summary of the SBA Procedural Notice CONTROL NO.: 5000-20077 informing lenders of:
- the process for borrower resubmission of loan forgiveness applications using PPP Loan Forgiveness Application Form 3508S (SBA Form 3508S);
- lender responsibilities to notify borrowers of
(a) lender decisions to deny forgiveness in full,
(b) SBA loan review decisions and borrower appeal rights to SBA’s Office of Hearings and Appeals (OHA), and
(c) SBA remittance of loan forgiveness payments; and - lender responsibilities in the event of offset of PPP remittances to lenders by the Treasury Offset Program (TOP).
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