Tag Archives: PPP Loan

Didn’t Get Your PPP Loan Fully Forgiven? There’s Still Hope. Let the SBA Know | Inc.com

For business owners who received only partial forgiveness on their Paycheck Protection Program loans, consider this your stay of execution.

On January 27, 2022, the Small Business Administration, the agency in charge of administering the PPP, quietly issued a procedural notice outlining a new review policy for borrowers who got a partial loan forgiveness decision from their lender, or were instructed to apply for less forgiveness than they wanted.

As of January 27, if you want to appeal a partial forgiveness decision you will have 30 days–from receipt of a lender’s post-remittance notification–to tell the lender. The lender must then file for a loan review on behalf of the borrower within five days. The same process applies to borrowers whose lenders prevented them from applying for full forgiveness.

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Here’s What to Do If You Are Denied PPP Loan Forgiveness | Small Business Trends

If you were denied for all or part of the money on your PPP loan forgiveness application, your appeal must be timely.

You have 30 days to appeal. The clock starts when you receive written notification from the Small Business Administration (SBA).

What to Do If You’re Denied PPP Loan Forgiveness

This is an important element of the 30-day time frame. It’s NOT 30 days from the time your lender received the notification. It’s 30 days from when YOU received the notification.

In other words, if your lender calls you with that news, have the SBA notification letter time stamped with that day’s date when you receive the letter.

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Biden Changes PPP Loan Rules to Benefit the Smallest Small Businesses | Small Business Trends

President Joe Biden announced Monday that he’s putting in place new rules for the PPP loan program that gives exclusive access to it to Main Street mom-and-pop businesses.

These smallest of small businesses, he said, haven’t gotten a fair shake at aid programs designed to help keep companies from going out of business during the pandemic.

“Small businesses are getting crushed,” Biden said. “Since the beginning of this pandemic, 400,000 small businesses have closed. Millions more are hanging by a thread.”

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Did Your Business Receive a PPP Loan from the SBA? Here’s How to Handle Potential Press Inquiries | AllBusiness.com

The Paycheck Protection Program (PPP) has provided billions of dollars in loans to millions of small businesses. Most of the recipients received relatively small loans (average size of $80,000 for the second tranche of loans), but there are a significant number of recipients who received $1 million or more, and 40,000 businesses received $2 million or more.

However, while the program clearly allows businesses with up to 500 employees to take out loans of up to $10 million, Congress and the Administration are rethinking that, and are promising to examine and audit those companies that have received more than $2 million in PPP loans. In addition to that scrutiny, however, the press is actively pursuing companies that have received loans of $1 million or more, often “naming and shaming” them and pressuring them to return their PPP funds.

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