Payment Processing


Interest Calculation Method

Interest calculation to be paid on net forgiveness amount:
• 1% - defaults to simple interest unless lender indicates compounded interest was used.
• Please note, the Forgiveness platform has been updated to honor the Bank Method as a default method for interest calculation: All interest calculated under this platform shall be computed based on 365(Actual)/360-day count by default
• The platform also supports interest calculation based on 365(Actual)/365-day count, 30/360-day count as well. Lender AO would have to choose this option in Institution Settings on Forgiveness SBA portal

Formula for Interest Calculation (Actual/360)

(SBA calculated Forgiveness amount – EIDL advance from SBA) * 1/100 * (Payment Date – Loan Disbursement Date)/360

Example (Actual/360)

SBA Number Forgiveness Amount (determined by SBA) EIDL advance (from SBA system of records) Loan Disbursement Date Payment Date Number of Days for interest calculation (Payment Date – Disbursement Date) Interest Calculated @ 1% Final forgive amount with interest
X 300,000 0 05/08/2020 09/30/2020 145 1208.33 301,208.33
Y 300,000 9000 05/08/2020 09/30/2020 145 1172.08 292,172.08
Z 5000 10000 05/08/2020 09/30/2020 145 0 0

Formula for Interest Calculation (Actual/365)

(SBA calculated Forgiveness amount – EIDL advance from SBA) * 1/100 * (Payment Date – Loan Disbursement Date)/365

Example (Actual/365)

SBA Number Forgiveness Amount (determined by SBA) EIDL advance (from SBA system of records) Loan Disbursement Date Payment Date Number of Days for interest calculation (Payment Date – Disbursement Date) Interest Calculated @ 1% Final forgive amount with interest
X 300,000 0 05/08/2020 09/30/2020 145 1191.78 301,191.78
Y 300,000 9000 05/08/2020 09/30/2020 145 1156.03 292,156.03
Z 5000 10000 05/08/2020 09/30/2020 145 0 0

Formula for Interest Calculation (30/360)

(SBA calculated Forgiveness amount – EIDL advance from SBA) * 1/100 * (Number of days for interest calculation)/360

Example (30/360)

SBA Number Forgiveness Amount (determined by SBA) EIDL advance (from SBA system of records) Loan Disbursement Date Payment Date Number of Days for interest calculation Interest Calculated @ 1% Final forgive amount with interest
X 300,000 0 05/08/2020 09/30/2020 142 1183.33 301,183.33
Y 300,000 9000 05/08/2020 09/30/2020 142 1147.83 292,147.83
Z 5000 10000 05/08/2020 09/30/2020 142 0 0

Payment Dashboard to API Mapping

The Payment Dashboard will display details only when SBA takes the decision on the forgiveness

Payment Dashboard API Mapping

CCD+ ACH 7 Record Addendum Layout for PPP Forgiveness Payment

Field Name Value Length Character Position
Segment Identifier REF 3 01-03
Separator * 1 04-04
Reference Number Qualifier 33 2 05-06
Separator * 1 07-07
Borrower Name (Up to 25 Positions Left Justified) 25 08-32
Terminator \ 1 33-33
Segment Identifier RMR 3 34-36
Separator * 1 37-37
Reference Number Qualifier LD 2 38-39
Separator * 1 40-40
SBA Loan Number ########## 10 41-50
Separator ** 2 51-52
PPP Forgiveness Amount (Right justified, zero fill to the left) First 8 positions dollar amount.last 2 positions cents 11 53-63
Terminator \ 1 64-64
Segment Identifier REF 3 65-67
Separator * 1 68-68
Purpose Code ZZ 2 69-70
Separator * 1 71-71
Purpose Description PPPFGIVE 8 72-79
Terminator \ 1 80-80
ACH Payment