The SBA has created a Direct Borrower Forgiveness Process that allows some PPP borrowers to apply for forgiveness directly with the SBA instead of their lender(s). The primary reason for developing the portal was to assist lenders who did not already have sufficient application platforms in an effort to expedite forgiveness.
Lenders are required to opt in if they want to be included in Direct Forgiveness. Atlantic Union Bank has decided to not opt in therefore you will not be able to apply for forgiveness through the SBA process.
Here are some of the reasons why we made that decision:
- We already have an efficient, customer friendly process that includes pre-populating most of the application with data our clients submitted with their original PPP loan application.
- The majority of customers are familiar with our existing process and our online portal.