Member-only story
SBA Extends Multiple PPP and EIDL Deadlines
I have great news for those of you who are small business owners and are dependent on pandemic-related benefits: The SBA just announced that they are extending the deadline to pay back PPP — or Paycheck Protection Program — loans. This is a program that was not without its issues, with a lot of people being told their loans were forgiven, then not forgiven, then given the chance to have the payback waived… so this is good news.
Find out why the SBA extended the PPP deadline and how the SBA extended yet another deadline — this time for disaster relief.
The SBA has issued an update on PPP loan forgiveness appeals.
If you’re a business owner and you received only a partial forgiveness on your PPP loans, you just got yourself a stay of execution. What does that mean?
So basically, the new policy is this: if you got a partial loan forgiveness decision from your designated lender, or maybe if you were instructed to apply for even less forgiveness than you originally wanted.
Basically, you have 30 days from receipt of a lender’s notification to tell you. Your lender has to file a loan review on your behalf within five days. Same goes for borrowers whose lenders prevented them from applying for full forgiveness.