Good morning!
From what I understand, all of the SBAs put forgiveness on the backburner once the program opened up with additional funding and began processing extra applications. The 90 day review period for SBA for us ended in early January so we are welllll past when they "should've" issued a decision, but according our bank and local SBA rep, our situation is pretty much the norm. I think they're taking priority for the <150k loans and those are getting forgiven, but anything above that has been put on pause since SBA only has so many humans to process info and they were given direction that new apps should take priority over forgiveness apps. Hope that helps.
Thanks,
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Brittany Diederich
Director of Finance and Administration
Industrial Builders, Inc.
West Fargo ND
(701) 282-4977
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Original Message:
Sent: 05-20-2021 09:05
From: Meredith Hornung
Subject: SBA Loan Forgiveness past 90 day mark
Good Morning!
We had a PPP loan under $1million. We submitted our forgiveness application to our bank in Nov 2020 and our bank submitted our forgiveness to SBA in early January....we are now approaching 120 days with no further information.
I thought the SBA interim ruling was 90 days to approve or deny forgiveness - anyone else experiencing the same delays? I feel as though we are going to find ourselves in another tax audit year with still no answers.
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Meredith Hornung
Secretary
Comanche Construction Inc.
Olathe KS
(913) 782-2980
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