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#2242937 - 09/22/20 09:50 PM SBA PPP 60 day forgiveness timeline vs Reg B
Gertie Offline
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Joined: Jan 2016
Posts: 61
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. frown

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Lending Compliance
#2242939 - 09/22/20 10:05 PM Re: SBA PPP 60 day forgiveness timeline vs Reg B Gertie
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,958
Galveston, TX
An application regarding loan forgiveness is not an application for credit under regulation B.
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