July 23, 2020
On a two-year repayment term, does the first payment of the note start after the loan forgiveness application has been processed and total loan forgiveness has been defined?
Posted by Armanino Financial Advisory Team
Yes. Your lender will notify you of your payment obligation as soon as the forgivable amount has been approved by the SBA and the bank has received the forgiveness funds from the SBA to lower your outstanding principal.