Procedural Notice on PPP Guarantee Purchases and Charge-Offs

Posted: Jul 22, 2021 | Author: SBA

compliance lending & collections SBA

The Small Business Administration has issued Procedural Notice 5000-812316, "PPP Guaranty Purchases, Charge-Offs, and Lender Servicing Responsibilities," on how lenders can apply to have SBA purchase and charge off Paycheck Protection Program loans for which the borrower has not applied for forgiveness or made payment on the loan. The notice became effective July 15, 2021.