SBA will withdraw form for forgiveness of PPP loan, AGC reports

0
32

[ad_1]

Questionnaire deemed unfair by a national contractor group and causing delays in forgiveness Payroll protection program loans are withdrawn.

IN Associated General Contractors of America says the nine-page Loan Requirement Form required to forgive over $ 2 million in PPP loans has been withdrawn by the US Small Business Administration. In December, the AGC sued the agency over a questionnaire, and last month filed a Freedom of Information Act request to try to make the so-called secret process open to public scrutiny.

By email, Brian Thurmail, AGC’s vice president of public affairs, said that after several weeks of trying to negotiate a legal settlement with the SBA, a group of contractors learned of the SBA’s decision to withdraw the questionnaire.

AGC has received “an exceptionally large number of loan forgiveness reports of over $ 2 million,” he said.

He called the decision “great news for the thousands of AGC members who have accepted such loans from the SBA in a conscientious effort to keep their employees running amid the pandemic.”

PPP loans were designed to help small businesses weather the pandemic and retain their employees. If 60% of the money was spent on things like wages and benefits, two-year 1% loans were forgiven. Loans issued after June 5, 2020 are issued for a period of five years.

Overall, the program has approved nearly $ 800 billion in PPP loans, according to the SBA. He also reports that as of May 24, $ 279.4 billion in loans had been written off.

[ad_2]

Source link