![]() ![]() The date shown assumes, for illustration purposes only, that Comerica receives payment from the SBA on the forgiven portion of your loan on the last day of SBA’s 90-day response period. Please note that if the entire balance of your loan is forgiven, this line will not apply to you-this line of the timeline is only applicable if less than 100% of your loan is forgiven by the SBA, leaving a remaining balance of your loan upon which payments are due.Please be aware that in certain cases (especially for loans of $2 million and more), the SBA is taking longer than 90 days to complete its review. If you receive notice from Comerica that your application has been submitted to the SBA, you may return to this calculator and input the submission date to recalculate the SBA response deadline. If Comerica submits your application to the SBA sooner than the end of this 60-day review period, the SBA’s response deadline would be calculated as 90 days from the date Comerica submitted your application to the SBA. The date shown assumes, for illustration purposes only, that Comerica submits your application to the SBA on the last day of our 60-day review period.In the event Comerica processes your application and submits it to the SBA before the end of this 60-day period, then the SBA’s timeline to respond in the following line would begin on the actual date your application was submitted by Comerica to the SBA. Comerica’s review of your application must be complete by the date shown above per PPP rules.Note that under the PPP rules, the last day a Covered Period for loans made in 2020 can end is, even if the timing of loan document execution and funding would result in a 24-week period ending after year-end.If you receive any email like this that does not come from an SBA.gov or address, the email is fraudulent. Some borrowers have also received emails asking for information under the pretext of a supposed “file review” by the SBA. Unfortunately, when information like this is released publicly, there is often an increase in fraud attempts.Īccording to the SBA, some borrowers have received emails claiming to be from the SBA and threatening collection action against borrowers whom the email says failed to repay PPP loans by May 7, 2020. On December 1, 2020, the SBA released detailed information about recipients of Paycheck Protection Program loans, Economic Injury Disaster Loans (EIDL) and Economic Injury Disaster Loan Advances. Visit our PPP Highlights pages for more details on Comerica’s PPP funding efforts for 2020 (PDF, 500KB) and 2021 (PDF, 500KB) and all the ways we have helped our customers obtain these crucial loans. Our mission is to help customers in their efforts to keep their businesses open and their workforces intact. More than 1,000 Comerica colleagues have worked hard to support the PPP loan program. Since the PPP launched in spring of 2020, Comerica has helped our customers receive almost 21,000 PPP loans. You should also review your PPP loan documents with your legal or financial advisors. In addition, we recommend that you consult with an accounting professional for specific guidance when it comes to documenting eligible expenses for loan forgiveness. The SBA’s Frequently Asked Questions (Opens a new window) also contains helpful insights into the loan forgiveness process. Department of Treasury website (Opens a new window) for more details about forgiveness eligibility. In the meantime, we encourage you to visit SBA.gov (Opens a new window) and the U.S. We will continue to provide updates via email and here on our PPP website. We know that you may have questions about forgiveness of your PPP loan, so we’re committed to keeping you informed about how and when to apply for loan forgiveness. Up to 100% of your loan may be forgiven if you meet program requirements, including using funds to pay for eligible business expenses. ![]() ![]() We encourage you to stay on track to be eligible for loan forgiveness. ![]()
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