New Paycheck Protection Program FAQ released, click here to read.

Important Considerations:

  • Notify borrowers of the change to the deferment period;
  • Avoid specific repayment dates in the notice;
  • Adjust internal systems to avoid sending out inaccurate monthly installment invoices; and
  • Once the loan forgiveness process is complete, lenders may then choose to have borrowers complete a formal note modification agreement for any unforgiven PPP loan balance.

We expect that there will continue to be further guidance and clarification which we will continue to provide as they become available.