Can you appeal PPP forgiveness denial?
A PPP borrower can request an SBA review of a lender decision to deny the borrower’s loan forgiveness application in full … but that request is for a review by SBA, not an OHA appeal.” Who can appeal? Only the borrower on the loan has standing to appeal the SBA decision to OHA, the rule says.
How do I appeal a SBA PPP loan forgiveness decision?
Appeal Timing/Deadline and Eligible Appellant/Standing
An appeal petition must be filed with OHA within 30 calendar days after the earlier of: (i) the borrower’s receipt of the final SBA loan review decision, or (ii) notification by the lender of the final SBA loan review decision.
Can you resubmit a PPP loan forgiveness application?
You might be able to resubmit the loan forgiveness application to your lender using Form 3508S. To do so, you must resubmit your application before the SBA: Gives your lender their final SBA loan decision OR. Remits the PPP loan forgiveness payment to your lender.
What if I made a mistake on my PPP forgiveness application?
First, if you feel that you made a mistake on your PPP loan application, reach out to your lender as soon as you can. See if they have submitted your application to the SBA yet (you should receive notification from them when they do). … Depending on the mistake made, they may still approve the loan.
Who makes decision on PPP forgiveness?
Forgiveness Process for PPP Loans of $150,000 or Less
Importantly, the borrower’s lender must also opt in. Ultimately, even under this direct forgiveness process, the lender has responsibility for making the PPP loan forgiveness decision.
What happens if PPP forgiveness is denied?
If you miss the deadline, the SBA will send your lender paperwork naming the amount of your PPP loan that wasn’t forgiven. You will owe that amount. It will be too late to file an appeal. Repayment of a PPP loan is deferred pending a final decision by the SBA Office of Hearings and Appeals.
How do I check my SBA reconsideration status?
Please call our Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or email DisasterCustomerService@sba.gov to check the status of your application. If you have already applied, you do not need to submit your information again.
How long does it take SBA to process loan forgiveness?
The SBA will generally issue a decision within 90 days, though in rare cases, it may take longer. Once the SBA issues a decision, Scratch will notify you. Borrowers with a remaining balance due will then enter repayment.