PPP Borrowers In Appeals Get A Break

In yet another Interim Final Rule (IFR) released recently, the Small Business Administration is trying to eliminate a bureaucratic nightmare. Borrowers that are appealing their loan forgiveness decisions, are no longer required to make scheduled payments while their appeal is being processed.

Prior to the ruling, borrowers were expected to begin making payments 10 months after the end of their covered period, regardless of any appeals that might have been filed. That repayment period is fast approaching for many borrowers from the first draw last year.

In the IFR, the SBA makes the point that only borrowers who file a timely appeal aren’t required to make payments. The time period for a timely appeal is within thirty days of the final SBA notification or decision.

Let me leave you with this.

The state is slowly beginning the process of moving us backward in the reopening process. Today, the Governor issued a mask mandate for schools and is requiring many state workers to be vaccinated. As the numbers of new C-19 cases continue to grow, that tells me only one thing.

We better get out there and enjoy what we can, while we can.

If things continue to move in the same direction, the politicians won’t have a choice. Spend some time doing the things you enjoy. Hit your favorite watering hole. Only whatever God you pray to has any idea how long it will remain open.

Go to your favorite restaurant. Hit the gym. Get a haircut. Take in a movie. Spend some time on the lakefront enjoying the perfection that is nature.

Don’t forget your family. They’d be cooped up as well. Take your kids to the park, and let them run. Go to your favorite restaurant with your significant other. Get a little crazy. Enjoy yourself.

If things keep moving in this direction, it could be a long, cold, miserable winter. And all it would take would be the stroke of a pen.

We’re all going to get through this. Let’s get through it together.

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,

Sincerely yours,
Chris Amundson
Accounting Solutions Ltd.


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