The Small Business Administration is launching an application portal that allows PPP Loan Customers who have a loan amount below $150K to apply for forgiveness directly with the SBA. This will supposedly streamline the forgiveness process and make it easier for smaller borrowers to accomplish their goals.
The new forgiveness platform will begin accepting applications from borrowers on August 4th. Lenders are required to opt into the program, so be careful. If your lender has not chosen to participate, you may still be required to go through the normal forgiveness process.
In order to answer any questions a borrower may have, the SBA has opened up an assistance hotline at (877) 552-2692.
Many smaller lenders have expressed concerns to the SBA, saying that they don’t have the technology or the manpower necessary to handle the multitude of forgiveness applications. By statute, lenders only have a 60 day window to submit applications to the SBA.
Personally, I can tell you that this sounds like an unholy nightmare. If you’ve ever tried to contact the SBA for help on anything and been able to reach anyone in the first place who was either helpful or knowledgeable, then your experience was probably unique.
We’ll see how this goes. At least, it will give us another option for forgiveness on the smaller loans.
Let me leave you with this.
Our elected officials seem resolute in their position of trying to keep the city and the state open. Earlier last week, our Mayor stated that as soon as the city surpassed a daily average of 200 new cases, she would be forced to again reinstate closing procedures.
The 7 day rolling average was at 418 two days ago on July31st. This time around they seem to be putting more credence into the number of available hospital beds and ventilators to treat the disease.
What’s concerning me are the numbers coming out of Florida. Their daily rolling average of new cases is around 16K. That’s where they were at the height of the pandemic.
The CDC is telling us that the new Delta Variant is as contagious as chicken pox. If our numbers continue to climb, the politicians won’t have a choice other than to begin shutting things down again.
I certainly hope not.
Talk to your employees and family members. If they haven’t been vaccinated yet, do whatever you can to get them to do the reasonable thing.
Fall is coming my friends when everyone catches the flu. We aren’t out of this mess by a long shot.
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,
Accounting Solutions Ltd.
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