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The numbers are even worse for Black business owners: Three-quarters still haven’t received forgiveness.

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Over the last six months, “Most lenders were not open for forgiveness and didn’t provide information to businesses about how to apply,” said Jeanette Quick, lead counsel at Gusto.

Another quarter have applied and not heard back. Over 60 percent say it’s because they haven’t applied yet - often because their bank hasn’t allowed them to start the process. Photo: Drew Angerer/Getty ImagesĪccording to a recent survey of 1,093 small business owners by payroll services company Gusto, 56 percent of those that got PPP loans haven’t had them forgiven yet. House Minority Leader Kevin McCarthy, R-Calif., surrounded by fellow House Republicans, speaks during a news conference outside the U.S. But “it’s just kind of hard to take on more things when that’s taking up the mental and emotional space.”

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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. No Personal Attacks, Trolling, or Toxicity.Jenna Edwards runs the For a Day Foundation, a nonprofit that helps children with cancer during their hospital stays and has no actual office.You can promote your business in a relevant reply to a post or comment in other threads. Offers of free services under the pretense of 'building your portfolio' are considered business promotion, and not permitted in posts. Promote your business in the weekly Promote-your-business thread only. Practically all content, small business-related or not.Īllowed are links or quotes in comments and replies that are relevant to and come normally in the course of discussions. Note: You can post own experiences in the new weekly stickied or pinned share-your-experience thread.īlogspam has been defined very early in r/smallbusiness as content that maybe text articles, images, or video. NO business promotion, lead generation, rants, info-tainment, success stories or unsolicited instructional texts, treatise, or how-to's are permitted in posts. You ask a question about starting, owning, and growing a small business and the community answers. R/smallbusiness is a question and answer subreddit. Post only questions about small business.To get flair added to your username, message the moderators.

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