Update on PPP loan forgiveness

Many small businesses, including yours, obtained PPP loans through private lenders. The goal was to have the loans forgiven. Some lenders have been slow to communicate with borrowers on the process for loan forgiveness. This delay might be causing stress among some small business owners.

This week the SBA opened its own direct online PPP loan forgiveness portal. As of this time, not all lenders are listed as participating in this loan forgiveness portal method. The list of participating lenders is likely to expand.

It appears that the process of loan forgiveness through the portal – at least for the smallest loans – is more time-consuming than I had hoped. I estimate that the total time to forgive most loans, after accounting data is available, is one to two hours.

You are receiving this message because I presume that you want me to handle the loan forgiveness application. I will confirm details of this work separately, as usual, in an engagement email and work plan update emails. Please expect my follow-up within a few days.