Late Charges on SBA PPP Loans

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.

Click Here

Read the last two entries on the thread.

Thank you!

How come it doesn't let me into that other thread?
I am signed in?

Skittles,

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

It's in the private forum. Are you signed up for those?

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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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.

Thank you for sharing this. I have several bankers asking this question as they begin to prepare the loan using their own documentation.

Thanks....... Private Forum is new since last I have been here?

Read Me

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