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Best Practices: Current Guidance on Lender Servicing Responsibilities for PPP Loans and SBA Guaranty Purchases
By: Kristen G. Dickey, Esquire
In SBA Procedural Notice 5000-812316 effective July 15, 2021 (“Notice”), the Small Business Administration (“SBA”) sets forth a lender’s responsibilities for servicing and resolving unforgiven Paycheck Protection Program (“PPP”) loans, and it provides guidance on the processes required in order for SBA to purchase the PPP loan and honor its 100% guaranty. The Notice makes clear that SBA will only honor its 100% guaranty and purchase any outstanding balance of a PPP loan if the lender has complied with all “PPP Loan Program Requirements,”[1] including the underwriting, document collection, and retention requirements described in the lender application forms.
This article summarizes key elements of the Notice with respect to a lender’s servicing responsibilities.
IN THE SPOTLIGHT
Ethan W. Smith, Esquire
Ethan is a co-founder and Managing Partner of Starfield & Smith, P.C. Ethan focuses his practice in commercial law, with an emphasis on government guaranteed lending, conventional commercial lending and real estate law. He works with various SBA lenders
nationwide, ranging from large national lenders to small community banks and credit unions, and is a designated closing counsel for several Certified Development Companies. Ethan has also developed an active practice representing lenders before the US Small Business Administration on a variety of SBA guaranty related matters and leads the firm’s SBA compliance audit team. Ethan is very active as a writer and speaker on government guaranteed lending issues nationwide. He has been recognized for possessing the highest levels of legal skills and ethics, achieving an “AV” rating from Martindale-Hubbell and having been repeatedly named a “Rising Star” by Philadelphia Magazine.

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SEMINARS AND EVENTS

America East Small Business Lenders Conference
When: August 16 - August 18, 2021
Where: Loews Philadelphia Hotel

Please note that this conference will be live and in person!
For more information about this event, and/or to register, click here.

FLAGGL
When: September 20 - September 22, 2021
Where: JW Marriott Orlando Grande Lakes

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Great Lakes Lenders Conference
When: October 12 - October 14, 2021
Where: Detroit Marriott at the Renaissance Center

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NAGGL Annual
When: November 15 - November 17, 2021
Where: Manchester Grand Hyatt Hotel, San Diego, CA

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Southeastern Small Business Lender's Conference 2021
When: June 8 - November 9, 2021
Presented by: Georgia Lenders Quality Circle

Please note that this conference has been changed to an all-virtual format via a series of monthly sessions on the second Tuesday of each month from 11:30-12:30 pm Eastern time.

For more information about this event, and/or to register, click here.


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