Step 7: Final Disposition of Your PPP Loan Forgiveness
Upon Final Disposition of Your Application
We will notify you in writing regarding the SBA’s determination. You can expect the following:
- If your entire loan is forgiven, we will mark your Term Note as “paid in full.”
- If your loan forgiveness is denied, or only a portion of the loan is forgiven, any remaining balance due on the loan must be repaid in accordance with the terms and provisions of your Term Note. We will inform you the date when your first payment is due.
None of the information should be construed as legal advice or an assurance that the SBA will agree with the Bank’s standards. If you have any questions regarding your application, please refer to the SBA resources provided on page 2 of this notice and speak with your legal advisor or accountant.