The PPP loan application deadline is today. Use this tool to find a lender:
“The guidelines and rules have been very fluid,” says Chris Giamo, head of commercial banking at TD Bank. “There’s a lot of moving parts here.”continues to roll out, some smaller businesses lack confidence that their loans will be forgiven given the time-consuming and detailed process involved to complete the loan forgiveness application.
“While credit unions are working with their members to assist them with the current loan form, the complexity of the forgiveness rules and application is posing challenges for many small businesses who may not have the staff or expertise for such a complex application, especially with the current economic challenges,” Brad Thaler, vice president of legislative affairs for the National Association of Federally-Insured Credit Unions, wrote in a letter to the U.S. House Small Business Committee.
Additionally, although the deadline is approaching for some recipients of the first round of PPP funding to submit their applications for forgiveness, some banks may not be able to process the paperwork yet. In an interview with the Financial Times earlier this month, Bank of America, JP Morgan Chase, Wells Fargo and PNC all said they weren’t ready to process loan forgiveness applications.
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