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#2234501 - 04/09/20 04:54 PM Late Charges on SBA PPP Loans
Jen J Offline
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Posts: 138
Are we prohibited from assessing late charges on Paycheck Protection Program loans? I read through the CARES Act and the interim final rule and couldn't find anything.

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Lending Compliance
#2234502 - 04/09/20 04:56 PM Re: Late Charges on SBA PPP Loans Jen J
Skittles Offline
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Click Here

Read the last two entries on the thread.
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#2234503 - 04/09/20 05:03 PM Re: Late Charges on SBA PPP Loans Jen J
Jen J Offline
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Thank you!

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#2234510 - 04/09/20 05:45 PM Re: Late Charges on SBA PPP Loans Jen J
smalltown banking Offline
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Joined: Aug 2018
Posts: 5
How come it doesn't let me into that other thread?
I am signed in?

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#2234511 - 04/09/20 05:47 PM Re: Late Charges on SBA PPP Loans Skittles
jaschmid Offline
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Joined: Jan 2006
Posts: 19
Skittles,

Can you send me the link. I am not able to access the thread you have in "Click Here"

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#2234512 - 04/09/20 05:47 PM Re: Late Charges on SBA PPP Loans Jen J
Skittles Offline
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TN
It's in the private forum. Are you signed up for those?
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#2234513 - 04/09/20 05:49 PM Re: Late Charges on SBA PPP Loans Jen J
Skittles Offline
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Is there any clarification that after the 6 months grace period can we charge late fees?
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#2234484 - 3 hours ago Re: Lenders approved to make PPP Loans [Re: Andy_Z]
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 72,554
Galveston, TX
Lender Agreement

7. Prohibited Fees. Other than a fixed interest rate of 1.0% on the covered loan, Lender is not permitted to charge or receive any bonus, fee, prepayment penalty, commission or other payment or benefit from a borrower in connection with the making or servicing of any covered loan under the Paycheck Protection Program.
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A bit messy, but I copied and pasted the question and Randy's response. If you're not set up to read the private forums, I don't think you can see the thread.
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#2234514 - 04/09/20 05:53 PM Re: Late Charges on SBA PPP Loans Skittles
jaschmid Offline
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Joined: Jan 2006
Posts: 19
Thank you for sharing this. I have several bankers asking this question as they begin to prepare the loan using their own documentation.

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#2234516 - 04/09/20 05:59 PM Re: Late Charges on SBA PPP Loans Jen J
smalltown banking Offline
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Joined: Aug 2018
Posts: 5
Thanks....... Private Forum is new since last I have been here?

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#2234528 - 04/09/20 06:45 PM Re: Late Charges on SBA PPP Loans smalltown banking
Skittles Offline
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TN
Read Me

See if this works. It tells you how to sign up to access the private forums.
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