{"id":3902,"date":"2020-11-26T18:08:27","date_gmt":"2020-11-26T18:08:27","guid":{"rendered":"http:\/\/lonecandle.com\/?p=3902"},"modified":"2020-11-26T18:08:27","modified_gmt":"2020-11-26T18:08:27","slug":"ppp-loans-were-supposed-to-be-forgiven-business-owners-say-theyre-still-waiting","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=3902","title":{"rendered":"PPP loans were supposed to be forgiven. Business owners say they\u2019re still waiting."},"content":{"rendered":"\n

“Congress created the PPP when it passed the CARES Act in March, aiming to funnel billions of dollars through banks to businesses that were suffering from widespread lockdowns during the pandemic. The loans were mainly meant to cover payroll, a way to keep employees earning money while stopping companies from going under, and were designed to be completely forgiven if used properly.”
…
“The SBA released an \u201cEZ application<\/a>\u201d for PPP forgiveness on June 16, but business owners can\u2019t submit the forms directly to the agency \u2014 they have to go through their lenders instead. And both banks and the SBA have barely gotten things off the ground.According to<\/a>\u00a0the Government Accountability Office, the SBA received only about 56,000 decisions on whether to forgive loans from banks by September 8 \u2014 which amounts to just 1 percent of the 5.2 million loans issued.\u00a0None<\/a>\u00a0had actually been forgiven as of October 1. Meanwhile, the SBA issued new information and rules on July 23, August 4, and August 11, and it still hadn\u2019t finished creating a process for reviewing lenders\u2019 decisions as of August 14. On October 1, the SBA\u00a0said<\/a>\u00a0it would start forgiving loans after banks and borrowers complained.”
…
“Even once the forgiveness process truly gets underway, many business owners aren\u2019t sure exactly what paperwork will be required of them. Sixty-eight percent of the Main Street Alliance survey respondents were concerned that the process wasn\u2019t clear, with two-thirds saying they don\u2019t understand what\u2019s eligible for forgiveness given the many changes in the program, and over half were confused about what documents are required. The details matter: About two-thirds fear not getting their loans forgiven, while 43 percent are concerned they won\u2019t have any recourse if they feel a decision isn\u2019t fair.”<\/p>\n\n\n\n


https:\/\/www.vox.com\/21529071\/ppp-loan-forgiveness-lenders-sba-delay-paycheck-protection-program<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

“Congress created the PPP when it passed the CARES Act in March, aiming to funnel billions of dollars through banks to businesses that were suffering from widespread lockdowns during the pandemic. The loans were mainly meant to cover payroll, a way to keep employees earning money while stopping companies from going under, and were designed to be completely forgiven if used properly.”<\/p>\n

…<\/p>\n

“The SBA released an \u201cEZ application\u201d for PPP forgiveness on June 16, but business owners can\u2019t submit the forms directly to the agency \u2014 they have to go through their lenders instead. And both banks and the SBA have barely gotten things off the ground.
\nAccording to the Government Accountability Office, the SBA received only about 56,000 decisions on whether to forgive loans from banks by September 8 \u2014 which amounts to just 1 percent of the 5.2 million loans issued. None had actually been forgiven as of October 1. Meanwhile, the SBA issued new information and rules on July 23, August 4, and August 11, and it still hadn\u2019t finished creating a process for reviewing lenders\u2019 decisions as of August 14. On October 1, the SBA said it would start forgiving loans after banks and borrowers complained.”<\/p>\n

…<\/p>\n

“Even once the forgiveness process truly gets underway, many business owners aren\u2019t sure exactly what paperwork will be required of them. Sixty-eight percent of the Main Street Alliance survey respondents were concerned that the process wasn\u2019t clear, with two-thirds saying they don\u2019t understand what\u2019s eligible for forgiveness given the many changes in the program, and over half were confused about what documents are required. The details matter: About two-thirds fear not getting their loans forgiven, while 43 percent are concerned they won\u2019t have any recourse if they feel a decision isn\u2019t fair.”<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[588,409,483,411],"class_list":["post-3902","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-corona","tag-coronavirus","tag-covid-19","tag-policy"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/3902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3902"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/3902\/revisions"}],"predecessor-version":[{"id":3903,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/3902\/revisions\/3903"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}