Small Business Administration Begins Forgiving PPP Loans Over $2 Million
Post date
June 21, 2021
Body
As AGC continues to pressure the Small Business Administration (SBA) to change its approach to applications for the forgiveness of Paycheck Protection Loans over $2M, the agency finally appears to be doing just that. The agency has yet to make any announcements and details are still missing. Over the last three business days, AGC has received either first-hand or reliable reports that SBA has forgiven another nine of these loans (over $2M) to AGC members.
If this marks a genuine change in approach, it would be a dramatic one for an agency that has emphasized, for well over a year, that it will make a sharp distinction between loans over and under $2M and strictly scrutinize all applications for forgiveness of the latter.