But “it’s just kind of hard to take on more things when that’s taking up the mental and emotional space.” The PPP money “is supposed to free up my energies to do my business,” she added. “I have spent two months of my working time trying to get this forgiven,” Edwards said. Now she’s been told that her forgiveness application is on hold until the SBA releases a new, easier form for small-dollar loans sometime this month. This specialist responded to her entreaties by telling her to upload tax documents that don’t apply to incorporated nonprofits. When she did get through to someone at PayPal, the new person said they’d handle Edwards’s account and then never got in touch a month later, Edwards saw in her account that she’d been assigned to a fourth loan specialist. She even called her local SBA office to complain but was told there was nothing they could do. She called PayPal’s hotline and got nowhere. She kept leaving her new specialist emails and voicemails but received no response. Delivered to you.Įdwards became desperate. When she contacted the first specialist, he told her he had been reassigned to processing applications for the new round of PPP money. In mid-January, she logged into her account and saw she had been assigned a different loan specialist and emailed him but never got a response. At first she got emails regularly saying it was under review with contact information for her loan specialist, but then those stopped coming. In September, she submitted a completed one-page application for forgiveness to her account with PayPal LoanBuilder and was told it would be reviewed within 60 days. Small Business Administration, last March to cover payroll and other expenses in the coronavirus pandemic with the promise that loans would be forgiven, essentially converted to grants. Congress created the PPP, to be overseen by the U.S. So she assumed that getting a loan forgiven from the Paycheck Protection Program to cover two months of payroll would be “pretty automatic,” she said. Neither the government nor lenders will charge small businesses any fees.Jenna Edwards runs the For a Day Foundation, a nonprofit that helps children with cancer during their hospital stays and has no actual office.No collateral or personal guarantees are required.If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (between 8 and 24 weeks). Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender.Loans issued after June 5, 2020, have a maturity of five years. Loans issued prior to June 5, 2020, have a maturity of two years.SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. First Draw PPP loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. PPP is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Pacific Northwest region media contacts.Market research and competitive analysis.
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