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October 2nd, 2020 | by NEWCAConstructionDive reports that the long-awaited guidance on forgiveness for Paycheck Protection Program (PPP) may soon have answers to their questions.
Thus far, more than 96,000 PPP loan forgiveness applications have been submitted to the Small Business Administration (SBA) since August 10, 2020. According to the article, none of the applications have received any movement or approval yet.
The article points out that banks—who have pointed out that the current forgiveness application can be very time consuming—are hopeful that either guidance from the SBA or congressional action will streamline the process to allow for an easier application process.
John Buhrmaster, president and CEO of 1st National Bank of Scotia (Scotia, NY), told the online outlet, “We've submitted a number of applications. We're four to six weeks into this, and we have not heard one word back."
Banks processing the loans has indicated a desire for any forthcoming guidelines to include automatic forgiveness of loans of $50,000 or less, and a simplified forgiveness process for loans between $50,000 and $150,000.
You can read more about these developments here.