PPP Loan service and forgiveness

What Can You Expect from the SBA Direct Forgiveness Portal Process?

1. Go to the SBA Direct Forgiveness Portal at https://directforgiveness.sba.gov to register into the portal and begin the process.
2. Through the Portal, you will provide information required by the SBA to complete your application for forgiveness of your PPP loan. The platform has useful reference information to answer questions you may have about the application and process.
3. When you have completed the application in the portal, you will receive your completed forgiveness application for signature electronically.
4. Once your application is electronically signed and returned, the SBA Direct Forgiveness Portal will provide your forgiveness application to Customers Bank for processing.
5. Customers Bank has up to 60 days for this review and processing.
6. While unlikely, if during processing our processing team has any questions, they will reach out to you directly by messages through the SBA Portal or by email.
7. Upon completion of processing, our processing team will submit your forgiveness application to the SBA with the Bank’s recommendation for the SBA’s final approval.
8. The SBA has up to 90 days from Customers Bank’s submission to process the forgiveness decision.
9. During the process, you can access the SBA Direct Forgiveness Portal and see information about the current status of your forgiveness application.
10. Once the SBA decision has been made, Customer Bank will be notified of your forgiveness amount.
11. Sometime after the SBA and Customers Bank agree on the loan forgiveness amount, the SBA will pay the forgiven loan amount to the bank.
12. If your PPP loan was 100% forgiven and Customers Bank was repaid by SBA, you will be notified that your loan is forgiven and your terms are satisfied. You will then be released from the loan. If your loan WAS NOT 100% forgiven, you will be notified of payment terms on the remaining balance.

Remember that these processes can take several weeks for each step. If your loan forgiveness application was submitted within 10 months from the covered period, there is no repayment and no interest during this period.