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?
My (small, local) bank took care of everything for me. Done and done. The lesson learned here is deal with small, community banks - not the bigs. I have the cell number of my business banker and he will always return my calls and emails. Absolutely no run-around.
Painless process. We got ours processed and approved shortly after our bank opened up the forgiveness process at the beginning of the year. We did invest time to document and make sure we had all the paperwork absolutely perfect. I think the whole process took less than two weeks.
Hi Loren. We received our two (small) PPP loans from Chase. Our first one was forgiven in four days (a relief!). The process was simple, but we too invested time making sure our documents were in order and that we were ready for any questions or reviews. We also met and stayed in touch with a knowledgeable Chase business rep. (we had so many questions). We are actually waiting for the SBA portal to open. We are curious what that will offer. This process has taught us not to rush, since things are always changing.
It was rather quick with BofA, their web-portal was ready to go to accept our details. However we delayed requesting the forgiveness based on how California was going to treat expenses paid with PPP money, but couldn't wait any longer.