July 23, 2020
Do the revised repayment rules — after the bank receives forgiveness dollars from the SBA — only apply to new loans made after July 5, or all PPP loans? If for all PPP loans, what about the repayment terms in the promissory note I signed (payments starting in month seven)?
Posted by Armanino Financial Advisory Team
This revised repayment rule applies to all loans regardless of when they originated (and for what it’s worth, the date for “new” loans is June 5, not July 5). If you have any questions about your loan documents, you should contact your loan officer.