Business owners wait on PPP loan forgiveness decisions from SBA
Anyone who has used the Paycheck Protection Program as a lifeline to save their business during the pandemic and is still waiting for their loans to be forgiven is not alone.
The Small Business Association says it is now reviewing PPP loan forgiveness applications. So far, it has gone through 96,000 of them.
The SBA has a 90-day window to approve or reject them.
Those applications make up about 2% of more than 5 million PPP loans that were given out nationwide.
Many businesses say they are continuing to worry about closing for good, even as restrictions are lifted on their operations.
Joan Jia, the owner of Hastings Tea and Coffee, says her business wouldn't have survived the pandemic without her PPP loan.
"The business is not back to normal. We're in very lean operations to keep the business going," she says.
She says knowing if her loan will be forgiven would help her moving forward.