ASA Central Network

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PPP forgiveness

  • 1.  PPP forgiveness

    Posted 01-25-2021 10:12
    It's been three months since our bank approved and sent our forgiveness application to the SBA but still no final resolution. Since we followed the letter of the law I have no reason to suspect there is a problem however, I don't like being in limbo. When I contact the SBA directly they say there's no way to check the status. Makes me wonder! Has anyone else had such a long wait from their submitted forgiveness application?

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    Neil Whitman
    Chairman/Founder
    Dunhill Staffing Systems
    Mt Pleasant SC
    (843) 270-9834
    working remotely
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  • 2.  RE: PPP forgiveness

    Posted 01-26-2021 06:56
    Neil -  It can take up to 150 days.  The lender has 60 days from the time of submission of the forgiveness application.  The SBA then has 90 days from the date the lender submits it to the SBA.


    If no additional documentation has been requested then I would just think there is backlog.  I do not think it is indicative of any issues.

    Hope that this helps.



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    Michael Bartels
    Chief Development Officer
    Becker LLC
    New York NY
    (973) 251-8905
    ------------------------------

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  • 3.  RE: PPP forgiveness

    Posted 01-26-2021 08:13
    Neil we have seen some loans go thru the SBA in 30 days and some actually go by the 90 days.  As Mike says  there is a 90 day period from the Date the Bank sends it to the SBA to review and approve.  However there is no "bite" to this at all that we have seen anyone can use to force the issue.  We have seen some board posts that people have been saying the SBA has used, "we needed more info from the bank or that the application was not complete, thus it starts the process again".  This has been far and few between which we have seen, but I tend to agree with Mike, that if you have not heard from them yet and  you are under 2 million, it is just the backlog they have  -  as many have been filled in the last 60 days.  If you are over 2 million, please be aware you will potentially receive the questionnaire directly from your bank, not the SBA, and you have 10 days to get that filled and return to avoid any issues.  ​

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    Jerry Grady
    Partner
    UHY LLP
    Ann Arbor MI
    (734) 213-1040
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  • 4.  RE: PPP forgiveness

    Posted 01-26-2021 09:27
    Our PPP forgiveness application was submitted the last week in December and we got approval notice with 3 weeks.

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    Richard Krumrine
    Vice President
    School Operation Services Group Inc.
    Phoenixville PA
    (484) 624-4162
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  • 5.  RE: PPP forgiveness

    Posted 01-26-2021 09:43
    ​Richard if you do not mind me asking as we are keeping updates on various amounts and various forgiveness stats:

    1. Was this just from the Bank or from both the Bank and the SBA in a three week period ?

    2. If you don't mind answering, what dollar amount was the PPP you had ?

    3. What bank did you utilize for your PPP?

    Thanks so much

    ------------------------------
    Jerry Grady
    Partner
    UHY LLP
    Ann Arbor MI
    (734) 213-1040
    ------------------------------

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  • 6.  RE: PPP forgiveness

    Posted 01-26-2021 09:54
    All,

    Thanks for the feedback. Our loan was originated through a bank which approved it very quickly. The amount was substantially below $2 million. The bank sent me a message last evening that they're contact the SBA to try and get an update. I guess I'll just have to be patient, not of my virtues!

    ------------------------------
    Neil Whitman
    Chairman/Founder
    Dunhill Staffing Systems
    Mt Pleasant SC
    (843) 270-9834
    working remotely
    ------------------------------

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  • 7.  RE: PPP forgiveness

    Posted 01-26-2021 10:05
    Stay patient Neil, we are all here to help if you need any.  Based on what you said above, I am sure the SBA is flooded with Forgiveness requests and are working as hard as they can with these.

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    Michael Bartels
    Chief Development Officer
    Becker LLC
    New York NY
    (973) 251-8905
    ------------------------------