The SBA recently sent a notice to all PPP lenders outlining actions to take to discontinue PPP lending efforts.
Lenders with Not Approved or Further Research status PPP loans are required to withdrawal and notify their borrowers they will no longer be able to process these requests:
- The SBA will remove all loans (remaining) in Not Approved and Further Research status from the origination platform by 5:00pm ET on May 17th, 2021.
- This action will allow these PPP borrowers to engage an alternative CFI lender before the program expires on May 31st, 2021.
-
Click here to read the full notice.
Visit www.AJ-Law.com for a full archive of SBA Procedural Notices, Interim Final Rules, and more.
Please feel free to pass these announcements along to your colleagues and they can click here to sign up for our newsletters.