Main Street and the U.S. Small Business economy have been major discussion points in the media and around dinner tables since the coronavirus pandemic began, upending consumer behaviors and the marketplace. The frenzied, and oft politicized discussion, reached amplified levels on August 8th when the U.S. Paycheck Protection Program closed to applicants and as borrowers continued to share their ongoing confusion about loan forgiveness eligibility.
If you’re confused and anxious about PPP loan forgiveness, you’re not alone.
PPP loan forgiveness is ever-changing terrain. On August 13, Maria Contreras-Sweet, former U.S. Small Business Administrator, urged small business owners to “hold tight, not panic, wait until the end of their [PPP] deadlines, and show patience in a fluid loan forgiveness environment.” Patience was similarly commended by Small Business Committee Chairwoman Velázquez during a House Committee Meeting in late July. She stated, “One of the top issues we hear from PPP stakeholders is incomplete and ever-changing guidance. If forgiveness is the centerpiece of the program, an efficient process for getting those loans forgiven should be a priority.”
Despite ever-changing guidance on the topic, Hudson Capital Advisors and Loan Mantra founder, Raj Tulshan, advises borrowers to remain calm and exercise temperance as forgiveness policy continues to take shape. “There is still time to receive loan forgiveness,” he states. “Furthermore, I’m optimistic the forgiveness process will be made even easier for borrowers, especially those who received smaller dollar loans.” Tulshan reminds his borrowers that advocacy groups and policymakers continue to champion the small business community during uncertain times. “While it may feel as though the sky is falling, this is an ideal time for small businesses to exercise entrepreneurship by seeking the right kinds of capital and opportunities to innovate.”
Need more information on SBA Loan Forgiveness? Want to know how Loan Mantra can help you access capital? Get in touch today to rise to the challenges of an unprecedented today and prepare for a better tomorrow.