The Small Business Administration has announced changes to PPP Loan approvals which are designed to speed up and simplify the process.
Millions of small business owners have applied for the newest round of PPP funding only to have their applications held up in underwriting. The system now has several validation checks that were put into place to try to stop the fraud which was so prevalent in the first round.
Almost 30% of the new applications were either rejected or sent back with a request for additional information. Often the system didn’t allow lenders to submit information or directly address other issues.
The SBA has now said that it will allow lenders to certify the eligibility of first and second draw borrowers prior to submission. It has also said that additional communication channels are now available for lenders to address application concerns.
Whether or not this will handle the issues is anyone’s guess. In the first full month of lending, $101B went out to 1.3M borrowers. The application process ends March 31, 2021.
Let me leave you with this.
The Federal Aviation Administration has officially approved the first flying automobile in the US. The two seat flying car still needs to pass National Highway and Traffic Safety Administration testing to receive final approval for use in the states. That approval is expected to occur sometime next year.
The Terrafugia Transition “roadable aircraft” looks like an amazing piece of technology. It comes with the latest avionics and foldable wings which will allow it to park in most garage spaces. It seems as if the predictions from The Jetsons are finally coming true.
Does this scare any of you as much as it does me?
There are certain people who simply shouldn’t be allowed on the road, but somehow they are given driver’s licenses. Now they’re going to let them fly as well?
You know the people I’m talking about. You’re out in your car on a beautiful spring day and it’s like they’re aiming for you as they respond to texts on their phone. This makes me want to move. Nothing scares me, and this has me shaking in my boots.
Another week has come and gone. The final software updates to some of the 2021 income tax forms are supposedly coming today, so we should be able to get some returns out.
After work, we’ll grab the first set over at Le Piano with dinner and a dry gin martini or two. I’m looking forward to hearing Bobby Schiff tap out a tune again. It’s been way too long.
Tomorrow night we’ll celebrate Valentine’s Day. I’ll put my arms around my wife and little girl letting them know that they are my sun, my moon, and my reason for being.
Then I’ll come back here on Monday, and get back to the business or taking care of all of you.
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,
Accounting Solutions Ltd.
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