The Coronavirus Aid, Relief and Economic Security (CARES) Act
Paycheck Protection Program
On June 30, 2020, the Paycheck Protection Program closed and reopened on July 2, 2020. However, at this time, BMT is not accepting new applications.
On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) into law, providing for significant changes to the Paycheck Protection Program (PPP). These changes may impact borrowers and their business through the covered period and loan forgiveness application process.
While BMT communicated to PPP borrowers that we have sold PPP loans funded prior to June 10, 2020, the following are some frequently asked questions as well as some important links for borrowers with additional questions.
Q- Why did BMT sell its PPP portfolio and servicing?
- We opted to transfer the ownership of the SBA PPP loans to provide a seamless forgiveness process and servicing experience for our borrowers. This decision was not made lightly or without consideration for the relationships we have with our clients. We believe it is in the best interest of both BMT and our SBA PPP borrowers to provide a partnership with an organization who has the servicing infrastructure in place to support the significant volume and short timeframe for the complex and changing forgiveness process and ongoing servicing.
Q- Did BMT sell both client and non-client loans?
- Yes. Whether the loan was to an existing BMT client or a borrower who became a client with a PPP loan, all loans were sold.
Q- How do I submit my loan for forgiveness?
- As the owner/servicer of PPP loans funded prior to June 10, 2020, information can be found on The Loan Source’s website. For specific questions on how to submit your request for loan forgiveness and forgiveness portal access: https://www.theloansource.com/. Future communications regarding the forgiveness process for your PPP loan will come from The Loan Source. The communications will originate from [email protected]
Q- If a PPP loan is not fully forgiven, who will I make the payments to?
- The Loan Source. They own the loan and servicing going forward, payments will be processed by them.
Q- Will clients get the same level of service they expect of us at BMT?
- We selected the Loan Source and its servicing partner, ACAP SME, LLC (“ACAP”) as our PPP loan forgiveness service provider because they are recognized as one of the leading SBA lenders in the northeast. They have invested heavily in technologies and personnel to aid PPP borrowers through their forgiveness process via an online portal to create a positive experience.
Q- What if my loan was funded before June 10 and I didn’t receive the communication regarding the sale?
- If you didn’t receive the email, a letter was also mailed to your address on file. If the mailing address is incorrect, please update per our normal process.
Q- I received an email or a call requesting I return my original PPP Loan documents after I was told my loan was sold – do I still need to return them?
- Yes. This is a requirement of the SBA Paycheck Protection Program and our loan closing instructions included that original “wet” signature documents need to be returned to BMT Central Documentation, SBA PPP at 801 Lancaster Ave., Bryn Mawr, PA 19010.
Q- Who can I contact for PPP forgiveness questions?
- For general advice on SBA PPP Loans, the loan forgiveness process and the PPP Flexibility Act (PPPFA):
- Speak to your accountant or attorney for specific advice on how the law applies to you
- SBA.gov or U.S. Treasury websites
- For specific questions on how to submit your request for loan forgiveness and forgiveness portal access: https://www.theloansource.com/
- Future communications regarding the forgiveness process for your PPP loan will come from The Loan Source. The communications will originate from [email protected]