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SBA COVID-19 Disaster Loan

vharrison

Island Girl
Joined
Mar 22, 2005
Messages
6,528
Location
MARATHON, FL
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  • #26
Update on the PPP loan; We did end up taking it, I have to admit, I was skeptical. We are coming up on what was the 8 week period that you could spend and accumulate your "forgivable' amount. The bank emails me and low and behold, the feds changed the rules, again. Now you have 24 weeks to accumulate that spending making it much easier to get the whole loan forgiven. Whoo, Hoo, I believe by the 11th week, we will hit the mark and owe nothing back. It will be forgiven. Craziest thing I have ever seen. All that said, it is not over until it is over. Ill keep you posted, lol.
 

vharrison

Island Girl
Joined
Mar 22, 2005
Messages
6,528
Location
MARATHON, FL
  • Thread Starter Thread Starter
  • #27
We turned in our forgiveness paperwork to the bank on July 27th. Very easy paperwork to fill out, like only one page. I think early on I read that banks have 2 months to process it?
I am now in the waiting stage, wondering what notification I will receive letting me know it is forgiven. I have to keep myself from calling my banker and asking "Is it forgiven yet, Is it forgiven yet". LOL
Anyone else in this same state of the game?
 

SkwerI

Treehouser
Joined
Sep 6, 2006
Messages
17,925
Location
central Florida
My bank screwed me out of getting the PPP loan, but I did get a $25K SBA loan. 3.25% and 25 years to pay it back, with the first payment not due for 12 months. So starting next year I will pay $133 per month for the rest of my life.
 
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