October 6, 2022

Businesses are weighing when to apply for Paycheck Protection Program loan forgiveness; advisers offer tips | Business News

“We had hoped that sports would be coming back this fall, but unfortunately the virus has still kept a lot of our customer base from getting back on the field,” Curran said, though he stressed that company is still open for business and filling orders.

Curran said he is hoping Congress might simplify the loan forgiveness process even for businesses that got more than $150,000.

Some banks have not yet opened their online portals for customers to apply for loan forgiveness, said Doug Jones, a managing director and fractional chief financial officer for clients of Fahrenheit Advisors, a Richmond-based consulting firm.

Jones said he is telling his clients to hold off for now, for two reasons.

“One is, I don’t know if there is going to be any legislation that is going to change things,” he said. “Two, I don’t want them to be in the first batch of forgiveness applications going through any bank. There are likely to be hiccups.”

Stacy Thomas, founder and chief executive officer of Good Run Research & Recreation, a market research firm in Richmond, said she recently filed documents for loan forgiveness through a portal offered by her lender Village Bank.

She did so despite some misgivings that the rules for loan forgiveness could change.

“I feel like it is chapter two of the way it was constantly changing” when the loans were introduced, Thomas said. “Everyone was guessing what the rules were going to be when the loan applications were opened. Every day, there is more speculation but not a lot of movement from Congress.”

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