This is a quick update to all of Union Bank and Trusts SBA PPP Loan program participates. The bank has been waiting on final guidance from the SBA about the forgiveness applications, borrower process and banks requirements. Now that most of this guidance has been finalized or we expect it to be soon. We have begun developing our process for taking applications for the SBA PPP loan forgiveness.
SBA PPP Loan forgiveness Process almost ready. The SBA and Congress have made many changes to the program since it was first launched. We have been tracking these changes and waiting on final guidance before we can proceed with the loan forgiveness process.
UBT is developing our process. The bank (in partnership with our SBA servicing partner H&M) is in the process of completing our loan forgiveness application and review process, which will be compliant with SBA rules.
The bank will have an application portal. The bank’s process will include an online loan forgiveness application where you will get a link from the bank to enter your SBA loan forgiveness application. When it is ready we will be sending you another email with that link and instructions.
More information to come out soon so just hang tight. We want to make sure we do this right so we have been working to ensure we have a good process and procedures that are SBA Compliant. Since the SBA has made so many changes to the program we have been waiting to make sure they have issued final guidance on the forgiveness process and rules.
As this program has been ever changing there could still be new changes to this process made by Congress or the SBA. We will try to keep you posted when we learn more.
Stay tuned we are almost ready