Payments– Wells Fargo is the servicing agent for SBA, they are responsible for posting your payments only. You will not be able to make payments or access information through any of the Wells Fargo branches, nor can you access your SBA loan information on Wells Fargo website. PLP will be your resource for obtaining this information.
Changing Monthly Payment Account (ACH Change) – If you need to change the bank account we have on record for your monthly payments, please contact the service department for an ACH change form. The ACH form will need to be returned to the servicing department by the 14th day of the month, prior to the month the draft will be effective. A voided check from the new account is requested but not required.
Example: In order for your new draft to start on Jan 1st, we will need the new ACH form by Dec 14th.
Missed Payments – Payments will be drafted the 1st business day of the month. All payments not posted by the 15th will incur a late fee. All missed payments must be sent via wire transfer. Wells Fargo will not draft the account a second time. You must send your payment via wire transfer. Please request the wire instructions from PLP.
Year-end Statements -Year-end interest statements are not sent out until the end of January of the following year.
Payoff SBA loan – Your two debenture months are important for you to know. Your first debenture month is the month you funded and the second debenture month is 6 months following (ex. March/Sept, Jan/July). If you ever decide to prepay your loan, please make sure you notify PLP two months prior to either of your debenture months. You must pay off your loan the month prior to the debenture month or you will be charged payments to your next debenture month. This amount will be added to your payoff amount. Best thing to remember is to notify PLP as soon as possible. This rule applies for the full term of your loan, even after your 10-year prepayment date expires.
- You cannot make extra payments to the principal on this loan.
- Job Creation or Job Retention – We will be contacting you two years from the date you funded to inquire how many employees you have hired or retained. This is only to measure the success of the program as a whole.
- Tax Returns – We will be requesting your annual tax returns for all business entities and guarantors.
- Insurance – Please let us know if you change insurance companies, and please remember that your agent must list SBA as a 2nd mortgagee or loss payee on the policy.