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Howard Zangwill, CPA, Managing Director of Audit and Accounting in the Oakland office.
Howard ZangwillCPA / Managing Director of Audit and Accountingview bio

SBA Says PPP Loan Forgiveness is Pending 

Businesswoman inquiring about the status of her PPP Loan Forgiveness application

10/6/2020

Our clients have been asking for help determining and understanding the status of their PPP loan forgiveness applications. Unfortunately, the process has featured mainly “Delays, Delays,” as Inc. magazine summarized the situation. 
 
Last week, the U.S. Department of Treasury said that the Small Business Administration (SBA) would start processing the 96,000 PPP loan forgiveness applications it has received since August. Banks, business owners and lawmakers have complained that the forgiveness process has been very slow. 
 
In the next week or so, the government will begin to process PPP forgiveness requests for loans less than $2million.  Loans of more than $2 million can be expected to take longer to process since they will be analyzed in more detail. 
 
Some lenders have been hoping and expecting that Congress would pass legislation to forgive PPP loans of less than $150,000 based on simple borrower assurance. 
 
However, the blanket forgiveness of small loans seems doomed as the President on October 6th pulled out of out of negotiations on the stimulus package which included the forgiveness. These smaller loans will also be queued up to be handled as part of the SBA process. 
 
We understand that the uncertainty and lack of communication can be stressful. Unfortunately,  “delays, delays” is the hallmark of the program.  
 
If you have questions or would like assistance as you work through the loan forgiveness process, please reach out to the RINA CARES team at rinacaresteam@rina.com
 

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