Last updated on October 11th, 2024 at 12:45 pm
During the COVID-19 pandemic, the U.S. government launched the PPP (Paycheck Protection Program) to help small businesses. Kabbage was one of the fintech companies actively participating in issuing these loans. Over time, Kabbage’s involvement in PPP faced multiple issues, and today, many businesses have questions about their loans, repayments, and forgiveness processes. This article will guide you on how Kabbage PPP loan customer service works now and how to resolve your queries.
What Was the Kabbage PPP Loan?
The Kabbage PPP loan was part of a government-backed initiative during the pandemic, aimed at helping small businesses keep employees on their payroll.1 Kabbage, known for offering financial services to small businesses, became one of the leading lenders of these loans. The loan was designed to cover up to 24 weeks of payroll costs, rent, utilities, and other necessary business expenses.
PPP loans were attractive because they offered forgiveness if businesses used the funds correctly, meaning the loan wouldn’t need to be paid back if specific criteria were met.
What Happened to Kabbage PPP Loans?
Kabbage faced challenges in managing these loans effectively, especially concerning compliance and processing issues. As of April 2023, Kabbage PPP loans were transferred to a new loan servicer. Kabbage itself has since ceased handling PPP loans, and KServicing took over servicing responsibilities temporarily before moving loans to other companies.
Kabbage filed for bankruptcy due to legal and operational complications, leaving borrowers to navigate their loans with new servicers.
Kabbage Inc. Fraud Allegations and Settlement
In September 2023, Kabbage Inc. agreed to settle allegations that it defrauded the PPP. The U.S. Department of Justice accused the company of improperly approving loans for ineligible or inflated businesses during the pandemic. Kabbage allegedly processed PPP loans without properly verifying applications, leading to millions in fraudulent claims.
This settlement highlights the importance of accurate processing during large-scale government programs.2
Who to Contact if You Have an Ongoing Kabbage PPP Loan?
If your Kabbage PPP loan is still active and you need assistance with repayments or any issues, KServicing no longer manages them. Your loan has likely been transferred to another servicer. To find out who your new servicer is, you should contact the SBA at lrsc.servicing@sba.gov for confirmation and further guidance.
What Is KServicing PPP Forgiveness?
KServicing, the entity that took over Kabbage’s loan servicing for a while, helped facilitate PPP forgiveness applications during its time. However, as of April 2023, the forgiveness responsibilities for Kabbage loans have also transitioned to other services. KServicing now only provides limited support, and borrowers are encouraged to contact their new loan servicers for forgiveness-related inquiries.
Kabbage PPP Loan Forgiveness: Who to Contact?
If you’re looking to apply for or check the status of your Kabbage PPP loan forgiveness, it’s essential to know that forgiveness applications are no longer handled by KServicing. Instead, you will need to contact the new servicer handling your loan. As with loan servicing, you can confirm your new servicer by reaching out to the SBA. Make sure to provide your loan details and keep track of deadlines to avoid complications in the forgiveness process.
Kabbage PPP Loan Customer Service Other Contact Details:
Kabbage Loans Customer Service
For any queries regarding Kabbage loans, you can contact customer service via phone or email. Their dedicated team handles loan issues, repayment questions, and general customer concerns. Operating hours are Monday through Friday, 7:00 AM to 3:30 PM PST. Customers are encouraged to reach out if they face issues with loan processing or repayments.
Contact Details:
- Phone: 855-747-5135
- Email: support@pay-pps.com or cxpriority@kservicing.com
Kabbage Loans Collections
If you have missed payments or face collections for unpaid Kabbage loans, this department handles overdue accounts. Reach out to resolve payment issues or make arrangements if your loan is in collections.
Contact Details:
- Phone: 855-747-2513
Payments for Existing Kabbage Loans
Kabbage customers who still owe payments can mail their payments to the designated processing center. Both mail and online payment options are available, ensuring customers can easily fulfill their obligations.
Contact Details:
- Mail Payments to:
Payment Processing Services LLC
PO Box 16190, Phoenix AZ 85011 - Online Payments: evokepay.com
UCC Termination Requests
For customers looking to terminate UCC liens, the designated email addresses assist. Requests are processed by the KServicing team.
Contact Details:
- Email: support@pay-pps.com or cxpriority@kservicing.com
PPP Loan Servicing
After April 18, 2023, Kabbage PPP loan servicing was transferred to new servicers. If you’re unsure who your new loan servicer is, you can contact the Small Business Administration (SBA) for assistance.
Contact Details:
- Email: lrsc.servicing@sba.gov
Reference:3
Conclusion
The Kabbage PPP loan program helped countless small businesses during the pandemic, but managing these loans has been complex for many borrowers. With Kabbage’s exit from the scene and the involvement of new services, it’s crucial to stay updated on your loan’s status and ensure you’re in touch with the correct service providers for repayments and forgiveness.
Contact the SBA or your loan servicer directly for assistance and avoid missing critical deadlines.
FAQs
Is Kabbage still managing PPP loans?
No, Kabbage is no longer servicing PPP loans. As of April 2023, these loans have been transferred to other loan servicers.
Can I still apply for PPP loan forgiveness?
Yes, but you’ll need to go through the servicer currently handling your loan. Make sure to check deadlines and eligibility criteria with your servicer.
What happened to KServicing’s role?
KServicing managed Kabbage’s PPP loans temporarily but has since transitioned the loan servicing to other companies as of April 2023.
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Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. We are not affiliated with Kabbage Inc., KServicing, or any of the companies mentioned. The content is based on publicly available information and should be independently verified. Always consult a professional for assistance with your specific loan situation.
