Amara Omeokwe

speaker

439 appearances 11 recordings 1 series first heard Mar 2020 last heard Dec 2023

Amara Omeokwe’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · How Businesses Seek Forgiveness for PPP Loans · 21 Oct 2020 podcast

So in order to apply for forgiveness, borrowers should go to the lender that issued the loan.

But it's important to know that different lenders will have different procedures for submission.

So some lenders have just begun to accept applications.

Other lenders have opened up applications to select borrowers.

And other lenders are still getting their technology and personnel in place to be able to accept applications.

So really what the borrower will experience will depend on the procedures their individual lender has put in place.

So borrowers may apply for forgiveness at any time before their PPP loan's maturity date.

But to avoid having to start making loan payments, PPP borrowers must apply for forgiveness within 10 months of the end of their covered period.

One of the major complaints about the Paycheck Protection Program was kind of this moving target of changing rules and guidelines since the program opened in April and when it closed in August.

Even with the forgiveness application process, the SBA, they've released three different versions of the forgiveness application.

And that has also caused some confusion and raised some concerns about business owners about how easy it would be to navigate this process.

Yeah, lenders have been pushing, I think, throughout this entire program for more clarity from the Small Business Administration and the Treasury Department on several parts of the program.

And even now, there are calls from the small business community, small business advocates, and lenders themselves for the administration to really even further simplify the forgiveness process for borrowers with loans $150,000 and less.

That's right.

And we've heard from business owners who took a PPP loan earlier on in this pandemic, hoping that the public health crisis would end soon.

And unfortunately, it hasn't, right?

So we've heard from businesses that took a PPP loan, used that to keep their employees and pay certain costs.

But then when the money ran out, they had to actually lay off workers.

So there is an appetite, I think, in the small business community for additional aid, certainly.

WSJ Your Money Briefing · Community Lenders Seen as Playing Role in Push for Economic Equity · 18 Aug 2020 podcast

As corporations, larger financial institutions and individuals... matched

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