Was it the lender that made the less-than-100% forgiveness determination? Or the SBA?
In either case you should be able to call your lender to get more info on this.
Lender made decision and submitted it to SBA. This is the language of their confirmation email. I spoke with the banker in the email and she is stumped too. Says I should not have gotten a bill and not have to make any payments until SBA has sent their approval. This was submitted on June 26, 2021 so theyre within the 90 days.
"Loan ending in XXXX
Your Small Business Administration (SBA) Paycheck Protection Program (PPP) loan forgiveness application and lender-recommended forgiveness amount for XXXXXXXXXXXXXXXXX LLC have been submitted to the SBA for review.
Here’s what happens next:
The SBA will conduct an independent review of your loan forgiveness application and will make the final decision on your forgiveness amount, which can be 1) Approval in Full, 2) Approval in Part or 3) Denial. The SBA has up to 90 calendar days to complete its review.
We may need to reach out during the process if additional information or documentation is needed.
The SBA will notify Capital One of its loan forgiveness decision. We’ll send an email with the SBA’s forgiveness decision as well as any next steps.
If any portion of your loan is not forgiven by the SBA, Capital One will notify you of any unforgiven loan amount and your first scheduled payment date.
No loan payments are due at this time. You will still see your PPP loan when signing in to your account, and note that PPP loans do accrue 1% interest through the duration of the loan. If you are fully forgiven, the SBA will pay any principal and interest accrued.
If you have any questions as your loan forgiveness application moves through the process, please reach out to your business banker or relationship manager, XXXXXXXXX, at XXXXXXXXXX@capitalone.com.
Thanks for choosing Capital One."