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#2242937 - 09/22/20 09:50 PM SBA PPP 60 day forgiveness timeline vs Reg B
Gertie Offline
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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Joined: Jul 2001
Posts: 78,958
Galveston, TX
An application regarding loan forgiveness is not an application for credit under regulation B.
The opinions expressed here should not be construed to be those of my employer:

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