This week, we noted in the Morning Report that the SBA will be opening a portal that will let businesses with smaller loans apply for forgiveness through a simplified process. After we published that note, I heard from Jim Kalb, a Morning Report reader and founder of Triad Components Group, that the process had gone smoothly with both of Triad’s two PPP loans: “Last Friday, we applied to our bank for loan forgiveness and yesterday—four working days—we received notice from our bank that our [round two] loan was fully forgiven by the SBA. I realize that we are probably an outlier in terms of speed of funding and forgiveness, but we are a data point nonetheless.”
What’s your experience been applying for forgiveness? Have you run into issues? Have you learned anything that others should know?
Are You Finding (PPP) Forgiveness?
This week, we noted in the Morning Report that the SBA will be opening a portal that will let businesses with smaller loans apply for forgiveness through a simplified process. After we published that note, I heard from Jim Kalb, a Morning Report reader and founder of Triad Components Group, that the process had gone smoothly with both of Triad’s two PPP loans: “Last Friday, we applied to our bank for loan forgiveness and yesterday—four working days—we received notice from our bank that our [round two] loan was fully forgiven by the SBA. I realize that we are probably an outlier in terms of speed of funding and forgiveness, but we are a data point nonetheless.”
What’s your experience been applying for forgiveness? Have you run into issues? Have you learned anything that others should know?
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