"SBA Denied Your PPP Loan Forgiveness Request? Here's What to do Next.," The Business Journals
In an article published in The Business Journal on May 18, 2021, Christina Moore was quoted discussing what to do next if the Small Business Administration denies your PPP loan forgiveness application.
According to Moore it seems the SBA is giving some small businesses a chance to fix issues before rejecting PPP forgiveness applications. One business received a message from the SBA that the agency was considering a full denial of the PPP loan forgiveness application, and gave the small business 10 days to provide more documentation — a ‘document dump’ of essentially everything. Other small businesses — with PPP loans under $2 million — got audit requests from the SBA during the forgiveness application process.
Moore stated that she has drafted legal memos for these businesses to justify the PPP loan, something she now does for all her clients, justifying why the small business took the loan and why it met all the criteria. “I think that borrowers should consider having a third-party memo to support necessity,” Moore said.
For the full article, you may click here.