Skip to content
BOL Conferences
Thread Options
#2234501 - 04/09/20 04:54 PM Late Charges on SBA PPP Loans
Jen J Offline
100 Club
Joined: Dec 2015
Posts: 144
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.

Return to Top
Lending Compliance
#2234502 - 04/09/20 04:56 PM Re: Late Charges on SBA PPP Loans Jen J
Skittles Online
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
Click Here

Read the last two entries on the thread.
_________________________
My Opinions Only

Return to Top
#2234503 - 04/09/20 05:03 PM Re: Late Charges on SBA PPP Loans Jen J
Jen J Offline
100 Club
Joined: Dec 2015
Posts: 144
Thank you!

Return to Top
#2234510 - 04/09/20 05:45 PM Re: Late Charges on SBA PPP Loans Jen J
smalltown banking Offline
New Poster
Joined: Aug 2018
Posts: 6
How come it doesn't let me into that other thread?
I am signed in?

Return to Top
#2234511 - 04/09/20 05:47 PM Re: Late Charges on SBA PPP Loans Skittles
jaschmid Offline
New Poster
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"

Return to Top
#2234512 - 04/09/20 05:47 PM Re: Late Charges on SBA PPP Loans Jen J
Skittles Online
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
It's in the private forum. Are you signed up for those?
_________________________
My Opinions Only

Return to Top
#2234513 - 04/09/20 05:49 PM Re: Late Charges on SBA PPP Loans Jen J
Skittles Online
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
Is there any clarification that after the 6 months grace period can we charge late fees?
_________________________
Everything happens for a reason

Return to Top Reply Quote Quick Reply Quick Quote Report
#2234484 - 3 hours ago Re: Lenders approved to make PPP Loans [Re: Andy_Z]
rlcarey Offline
10K Club
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.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com


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.
_________________________
My Opinions Only

Return to Top
#2234514 - 04/09/20 05:53 PM Re: Late Charges on SBA PPP Loans Skittles
jaschmid Offline
New Poster
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.

Return to Top
#2234516 - 04/09/20 05:59 PM Re: Late Charges on SBA PPP Loans Jen J
smalltown banking Offline
New Poster
Joined: Aug 2018
Posts: 6
Thanks....... Private Forum is new since last I have been here?

Return to Top
#2234528 - 04/09/20 06:45 PM Re: Late Charges on SBA PPP Loans smalltown banking
Skittles Online
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
Read Me

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

Return to Top

Moderator:  Andy_Z