The Small Business Administration issued a procedural notice providing a new review policy for borrowers who only received partial loan forgiveness. This also applies to borrowers who were instructed to apply for less forgiveness than they wanted.
The notice can be found at the following web address.
https://www.sba.gov/sites/default/files/2022-02/SBA%20Loan%20Reviews%20of%20PPP%20Lender%20Partial%20Approval%20Forgiveness%20Decisions%20Procedural%20Notice%205000-827666-508.pdf
As of January 27th of this year, if you would like to appeal your partial forgiveness decision, you’ll have 30 days after the receipt or your lender’s notification, to inform them that you would like to appeal. The lender must then file for a loan review with the SBA within five days of notification.
This same process applies to borrowers who were instructed to apply for less forgiveness than they thought they were entitled to receive. Again, the lender must file for the review. Borrowers cannot.
The SBA has also instructed lenders to notify borrowers who received partial forgiveness in the past that they may also request a review. AGain, those borrowers must inform the lender within 30 days of the bank’s notification to provide a request.
Prior to this updated guidance, borrowers were required to make their appeals directly to lenders and were only allowed to go directly to the SBA after being rejected twice. This new directive makes it easier to get a forgiveness decision reviewed.
Let me leave you with this.
There are thousands upon thousands of Chinese hieroglyphs, each having a distinct and specific meaning. There’s only one that has two different definitions.
It’s the symbol for crisis and opportunity.
In the Chinese mind, these concepts are one and the same. Every crisis is an opportunity, and every opportunity is a crisis. I mention this when thinking specifically about the inflation so rampant in our economy today.
You could sit home freaked out about the price of everything from a gallon of milk to the cost of your next car. You could crunch the numbers and stress out until you have everything from a heart attack to various anxiety disorders.
Or you could take control of your life and consider this crisis an opportunity.
Rather than taking your family out to dinner, stay home and have your kids help you with the meal. One of the more interesting things about having a child help you cook, is that you generally don’t have problems with them eating what they help make themselves.
In the process, they’ll learn an important life lesson about how to be safe in a kitchen and how to take care of themselves. When they go to college, you won’t need to worry about them eating.
Rather than going to the movies or a theme park, take them on a long walk through a forest preserve. Teach them about the wonders of nature and the beauty of wild animals.
When they ask why they aren’t going to dinner or to the movies, be honest with them. Kids always learn the truth anyway.
Tell them that prices are inflating and that your paycheck doesn’t go as far as it used to. Tell them that in times like this, we all need to be responsible.
Explain the concept of a budget and how we need to focus on our needs rather than our wants. In the process, they’ll learn an important life lesson that will serve them well in their future lives. This certainly isn’t the last of these we’re all going to need to get through.
Remember, every crisis is always an opportunity.
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. Whether you need Employee Retention Credits, PPP Loan Forgiveness, Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.