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Michigan Credit Union League

PPP: SBA Opens Forgiveness Portal, Issues FAQs

This August, the Small Business Administration has opened its Paycheck Protection Program (PPP) loan forgiveness application portal and issued an FAQ document on loan forgiveness. The PPP closed to applications Aug. 8, and the CUNA/League system continues to support Senate and House bills that would simplify forgiveness.

The portal allows lenders to begin submitting loan forgiveness applications, supporting documents and requests for forgiveness payments.

The FAQ document clarifies that borrowers and lenders may rely on the guidance as SBA’s interpretation, and covers:

  • General loan forgiveness
  • Loan forgiveness for payroll costs
  • Loan forgiveness for nonpayroll costs; and
  • Loan forgiveness reductions.
  • Scam alert

Institutions should ensure they are accessing the correct SBA resources, as the Cybersecurity and Infrastructure Security Agency issued an alert Wednesday that an unknown malicious cyber actor is spoofing the SBA’s loan relief webpage through phishing emails.

The email has been sent to various Federal Civilian Executive Branch, state, local, tribal and territorial government recipients.

The email urges recipients to click on a hyperlink to address an SBA application. Complete information, including screenshots of the fake website and its IP address, as well as mitigation best practices for system owners and administrators, can be found on the alert website.

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2020-08-13 00:00:00