The PPP, pandemic, and Congress. Their intersection has rendered implementation of a PPP loan forgiveness protocol challenging for many lenders. The PPP was designed to help small businesses stay afloat and retain their employees – but it continues to evolve. Learn the current state of the process, how to comply, and tips to help borrowers.
- Explain the current PPP loan forgiveness process
- List the PPP Loan Forgiveness Application requirements for each borrower
- Understand the scope of a lender’s review of a Forgiveness Application
- Advise borrowers on next steps if a PPP loan is not forgiven
- Identify challenges lenders may face in servicing and liquidating PPP loans
The Paycheck Protection Program (PPP) was created to help small businesses impacted by the COVID-19 outbreak retain and pay employees and maintain their business operation.In return for complying with the PPP requirements set by the U.S. Small Business Administration (SBA), the PPP loan would be forgiven. While the SBA issued regulations to guide lenders through the forgiveness process, the process has continued to evolve and the prospect of PPP changes by Congress has made implementing a PPP loan forgiveness protocol challenging for most lenders.
This webinar will explain the current PPP loan forgiveness process and timeline. It will outline participating lenders’ responsibilities in processing loan forgiveness applications and address challenges encountered with loan forgiveness decisions. Participants will gain helpful tips to assist borrowers prepare and submit loan forgiveness applications. You’ll learn how to document and service a PPP loan that is not forgiven, or is determined to be ineligible, and what to consider if your institution is not interested in retaining its PPP loan portfolio.
Kimberly A. Rayer, Starfield & Smith, P.C.
Kimberly Rayer is a partner in the law firm Starfield & Smith, PC, where she concentrates her practice on SBA lending programs, commercial financing, and other secured transactions. She represents lenders and lectures across the country on SBA closings and eligibility and compliance matters.
Kim is admitted to practice before the Supreme Courts of Pennsylvania and New Jersey and the Federal District Court for the Eastern District of Pennsylvania. In addition, she is a member of the American Bar Association and the National Association of Government Guaranteed Lenders (NAGGL) and was named as a Pennsylvania “Rising Star” by Philadelphia Magazine. She received a Bachelor’s from Drexel University and a JD from the James E. Beasley School of Law, Temple University.