She noted that having debt on their books impacts the valuation of the company, particularly if they look at things like joint ventures or mergers and acquisitions. If it isn’t forgiven, “Any additional debt would be a financial burden,” she said. Nearly 11 months since applications for PPP money first opened and Moorer applied, her loan still hasn’t been wiped from her balance sheet. But “it’s just kind of hard to take on more things when that’s taking up the mental and emotional space.”īut the relationship with PNC hasn’t done them much good now that it’s come time to apply to have the loan forgiven.
Paypal ppp free#
The PPP money “is supposed to free up my energies to do my business,” she added. “I have spent two months of my working time trying to get this forgiven,” Edwards said. Now she’s been told that her forgiveness application is on hold until the SBA releases a new, easier form for small-dollar loans sometime this month. This specialist responded to her entreaties by telling her to upload tax documents that don’t apply to incorporated nonprofits. When she did get through to someone at PayPal, the new person said they’d handle Edwards’s account and then never got in touch a month later, Edwards saw in her account that she’d been assigned to a fourth loan specialist. She even called her local SBA office to complain but was told there was nothing they could do. She called PayPal’s hotline and got nowhere. She kept leaving her new specialist emails and voicemails but received no response. When she contacted the first specialist, he told her he had been reassigned to processing applications for the new round of PPP money.Įdwards became desperate. In mid-January, she logged into her account and saw she had been assigned a different loan specialist and emailed him but never got a response. At first she got emails regularly saying it was under review with contact information for her loan specialist, but then those stopped coming. In September, she submitted a completed one-page application for forgiveness to her account with PayPal LoanBuilder and was told it would be reviewed within 60 days. Small Business Administration, last March to cover payroll and other expenses in the coronavirus pandemic with the promise that loans would be forgiven, essentially converted to grants. Congress created the PPP, to be overseen by the U.S. So she assumed that getting a loan forgiven from the Paycheck Protection Program to cover two months of payroll would be “pretty automatic,” she said. Jenna Edwards runs the For a Day Foundation, a nonprofit that helps children with cancer during their hospital stays and has no actual office.
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