Recently, a Foresight client reached out to our team with wonderful news to share. Their lender had completed the review of their PPP Forgiveness application and approved their amount in FULL!
We knew that the Small Business Administration officially opened their Paycheck Protection Program loan forgiveness portal to lenders back in August. And of the millions of loans approved under the program, the SBA had only received thousands of forgiveness decisions from lenders.
Ultimately, the PPP loan forgiveness process is a lengthy one. It requires the small business to complete the application and submit it to the lender. The lender then has 60 days to give its decision. That decision is then relayed to the SBA, who then has 90 days to process and finalize the application and reimburse the bank for the loan. There is also the possibility of an appeal which will leads to a an even longer review process if either party disagrees with the SBA’s or bank’s findings.
According to the SBA’s website, “The SBA will continue to review all PPP forgiveness applications in an expeditious manner.” We know this process can be long and draining on business owners. Our advice is to have patience and trust the process. It may take some time, but as you can see decisions are starting to arrive like it did for our client!
As we navigate through these times of uncertainty and adjust to our new normal, we here are at The Foresight Companies want to be your source for all topics related to your business operations.