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Deadline: SBA Paycheck Protection Program Loan Review

The SBA sent the following message the afternoon of May 14, 2020, with the request that it be distributed throughout the PPP lending community. Please note SBA has a requested turnaround time of no later than 4:00 CDT Friday, May 15, 2020. 

MESSAGE SENT BY SBA

Paycheck Protection Program (PPP) Lending Operations Update – Thursday, April 14, 2020

1. SBA is launching a new search functionality within the E-Tran Servicing section of the Capital Access Financial System (CAFS). This tool will help PPP lenders review loans in their portfolios. SBA has marked some loans in some lender portfolios as requiring further research. Loan files appearing in “research” status require review by the lender.

Lenders should review all fields in these files for accuracy and completeness including Borrower Name, Borrower EIN and/or Borrower SSN. If necessary, lenders should contact borrowers to determine whether a loan should be cancelled.

Please complete your review and make necessary changes no later than 5 PM EDT on Friday, May 15, 2020. Instructions on how to access CAFS and update records in “Research” status are attached.

2. SBA has also implemented changes by which it receives PPP loan data from lenders via E-Tran. Business type will now determine whether a loan application should be submitted with either an SSN or EIN.

3. An SSN can no longer be used in place of a primary TIN for types of businesses that require an EIN.

SBA and Treasury continue to actively monitor PPP loan systems and will continue to provide updates to the PPP lending community.

  • May 15, 2020
  • Time: All Day
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