We use cookies to provide some features and experiences in QOSHE

More information  .  Close
Aa Aa Aa
- A +

3 Lessons on PPP Loan Forgiveness From Small-Business Owners

1 1 0
22.07.2021

Despite the confusion, delays and headaches many small-business owners endured to secure a Paycheck Protection Program loan, having the balance forgiven may prove surprisingly, refreshingly simple.

“Honestly, the whole process was incredibly easy and straightforward,” says Jill Draper, owner of Jill Draper Makes Stuff, a yarn shop in upstate New York. “The bank sent a DocuSign form and almost everything was autofilled.”

She simply checked a few boxes to indicate how she spent her $9,100 loan, the first of two PPP loans she received. About 10 days later she got the email: Her loan was forgiven in full.

Draper’s experience isn’t a fluke.

Bethany Rusen, founder and director of Black Hound Clay Studio in Philadelphia, had her first PPP loan ($9,789) forgiven on March 5, 2021.

“It was really, really easy,” Rusen says. “It was essentially me just uploading all of the stuff from my payroll processor.”

Ciara Pressler, founder of Pregame, a business coaching and consulting firm, admits she initially put off applying for forgiveness of her $3,002 PPP........

© Entrepreneur


Get it on Google Play