SBA PPP Loan ForgivenessThe banks application portal is now opened
Union Bank and Trust (UBT) has opened its SBA PPP loan forgiveness application portal as of today – 8 Oct 2020. We have partnered with Holtmeyer & Monson (H&M) one of the largest SBA Service Providers in the country to help with the banks SBA forgiveness applications process. To make this process more efficient for our clients of the SBA PPP program the bank and H&M have developed an online application processing portal. This portal will help the application process, reduce errors and make the whole process more efficient. This email contains the link to submit your application and basic instructions.
SBA PPP Loan forgiveness Update. The SBA and the US Treasury have begun to finally start processing and making final decisions on SBA PPP loans as of 2 Oct 2020. Many banks in the US, including UBT, have been waiting to see if Congress was to take any additional action on streamlining the forgiveness process. Congress sadly did not act so the US Treasury and Banks have decided to move ahead with the forgiveness process as currently structured.
Process Basics – This is a 3 Step process:
- Step 1: Borrower submits the application to the bank via thought the banks application portal. https://ubtmn.lenderscooperative.com
- Step 2: UBT will review the application, ensuring it is complete and recommend to the SBA a forgiveness decision based on the program criteria and submitted application.
- Step 3: The SBA will review the submitted application and recommended decision from the lender (UBT) and they can either agree with that recommended decision or change the decision. They have up to 90 days to review the application once it is submitted by the bank to the SBA.
To begin the SBA Loan Forgiveness Application process have the following information ready.
- Have your SBA Loan number and EIN number that was on the SBA PPP application ready as you will need this to start the process.
- Have payroll information, rent/mortgage payment information, utility information and any other documents you will be using for submitting the application. There will be a feature to upload these electronically as part of the application.
- Have the original number of employees that you used when you applied and the current number of employees.
If you received an EIDL loan/advance from the SBA please contact your banker at UBT. These loans if still outstanding at the start of the forgiveness process will be deducted from any forgiveness amounts that get approved.
Let’s get started
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SBA PPP Loan Forgiveness Communication Process
- Once the loan has been reviewed by the bank, a recommendation has been developed on forgiveness and submitted to the SBA we will communicate that to you.
- Once the SBA has reviewed the application and the banks forgiveness application we will communicate that with you. While the SBA has up to 90 days for this process it is our expectation that this will be done within 30 days based on what we see developing at this time.
- If you have any additional questions you can always contact the bank and your lender that you worked with at the time of SBA PPP application. We welcome your questions (612) 379-3222.
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