- Department of Justice Investigates fintech leaders (Banking Dive)
- Restaurant Revitalization Fund faces funding shortfall (Journal of Accountancy)
- Loan forgiveness takes 6-8 years (Washington Business Journal)
Fintech Investigations. Some lenders over-accounted for taxes, potentially inflating the loans, while some under-accounted for taxes, potentially resulting in borrowers being denied aid they were entitled to.
Restaurant Revitalization Funding. The program has less than half the funding it needs to fund the relief requests. There were 266,000 applications submitted seeking a total of $65 billion, far more than the $28.6 billion Congress allocated the program.
Forgiveness Timeline. Almost 10 million PPP loans have not yet been forgiven. “Because of how long it will take to get through millions of loan forgiveness applications, I would not be shocked if I said to myself one day that, 'It started in 2020 and we are getting very close to 2030.’”
The first payments for PPP loans not forgiven are coming up as quickly as July. Start the process today with Upside Financial to ensure you have to pay back as little of your loan as possible. Click here to create an account and get started with our expert PPP forgiveness advisors today.
The Paycheck Protection Program ran out of funding the first week of May – weeks ahead of its May 31 deadline. If you are a PPP loan holder, don’t wait to start the forgiveness process.