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- Important Notice to Borrowers about PPP Loan Forgiveness
Important Notice to Borrowers about PPP Loan Forgiveness
Businesses that received PPP (Paycheck Protection Program) loans from the U.S. Small Business Administration (SBA) earlier this year have been submitting their requests for loan forgiveness. The SBA has been busy processing these requests, and now borrowers are beginning to receive letters from the agency indicating their application for loan forgiveness has been approved.
Receiving such a letter is great news for the business, of course. Included with the approval letter, however, is another important document that requires further action by the borrower. Included with that letter is a form titled “UCC-3 Amendment.” This form is intended to serve as public notice that the obligations of the borrower have been satisfied, and that the SBA no longer claims a security interest, or lien, in the collateral of the borrower. The letter directs the borrower to file the UCC-3, known as a “termination” with the Secretary of State.
“Why is this important?” Read More