SBA PPP forgiveness rule comes under fire - Silicon Valley Business Journal

📆 29/09/2022 22:45:00
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Business and lending groups keep up pressure on SBA to rescind PPP rule saddling business owners with unforgiven PPP debt.

Amy Yassigner started Deer Park, Illinois-based Yazz Jazz Music and Productions more than 10 years ago — but is now fighting for its survival.

The problem, known by a coalition of business groups, fair lending groups and lawmakers as the “good faith error” has According to lawmakers and supporters of rescinding the rule, the average good faith error with the program is more than $12,000 — a significant amount for many small businesses. Ken Kimber, director of small business recovery and resiliency at the American Business Immigration Coalition, said that while they firmly believed the PPP helped save many small businesses, the good faith error rule has resulted in broken promises to the most vulnerable.

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