Hopefully someone can point me in the right direction or provide clarification. The SBA Procedural Notice CONTROL NO: 5000-20038 7/23/20 states "The Lender must complete the review of the application and issue a decision to SBA, along with the required documents, not later than 60 days after receipt of a complete application from the borrower".
Does this supersede the Reg B 30 day requirement for notifying borrowers of a credit decision, is the application for forgiveness not considered a modification request, or are there 2 timelines in play 60 days submit to SBA but only 30 days to notify borrower?
I'm probably making this more difficult that it needs to be, but I have "Credit" trying to convince me we only have to operate within the 60 day window. "Credit" trying to convince me is usually suspicious.