To embed, copy and paste the code into your website or blog:
The Small Business Administration s (SBA) Paycheck Protection Program (PPP) loan forgiveness data shows that more than 182,000 PPP loan forgiveness applications are currently under review by the SBA. A March 22, 2021 joint letter to SBA s Administrator, which was jointly written by all fifty state banking associations, confirms that lenders and borrowers are struggling with the significant uncertainty that is caused by SBA s delays in completing loan reviews. However, as SBA continues to work through this review process, borrowers can take steps now to build a record for any potential appeal of the denial of loan forgiveness by the SBA. Borrowers that do not build a record during the SBA review process may find it difficult to do so later during an appeal of the denial of loan forgiveness.
Tuesday, December 29, 2020
On December 27, 2020, President Trump signed into law the latest COVID-19 relief package, providing $900 billion in much-needed aid to individuals and businesses during the ongoing coronavirus pandemic. A crucial part of this overdue legislation is the more than $284 billion allotted for a new round of Paycheck Protection Program (PPP) funding. This current round of PPP funding extends through March 31, 2021, or until the funding is exhausted. Critically, the legislation also avoids a government shutdown.
Of the more than $284 billion in additional funding allocated to the PPP, $35 billion is set aside for first-time borrowers, $15 billion of which will be set aside for smaller, first-time borrowers with 10 or fewer employees, or loans less than $250,000 in low-income or moderate-income neighborhoods. In addition, $25 billion of the new PPP funding will be set aside for second draw PPP loans for smaller borrowers with ten or fewer employees, or