Are you done with PPP? Yeah, you know … no, no, not me . Sigh. In recent weeks, we have seen a significant uptick in SBA rejections of forgiveness applications among clients, portfolio companies and acquisition targets. We are also seeing SBA inquiries that expressly indicate SBA is leaning toward whole or partial rejection unless a borrower is able to provide further information that will persuade SBA otherwise. Many borrowers, like their advisers who are already both sprinting and slogging through literal
To answer that, it may be useful to explain how we got here. Explain!? No, there is too much. Let me sum up :
· The implementation of the PPP in mid 2020 was beset by delays, system crashes and confusing and contradictory rules from SBA.