For technical assistance with the SVOG portal, existing awardees can call the SBA Disaster Assistance Customer Service center at 80 from 8:00 a.m. SVOG is no longer accepting new applications. Shuttered Venue Operators Grant (SVOG) portal Learn more about how to get help with your PPP loan. The call center can only assist direct forgiveness applicants.Īll other Paycheck Protection Program questions should be addressed to your lender. Borrowers who need assistance with direct forgiveness can call SBA at 87 from Monday through Friday, 8:00 a.m. Paycheck Protection Program (PPP) loan forgiveness In the body of the email, include your loan or application number, reason for request, business name, applicant name and contact information. When emailing SBA, remember to always include your loan or application number as well as reason for request in the email subject line. COVID-19 EIDL Customer Service is open from 8:00 a.m. Please call COVID-19 EIDL Customer Service at 83 (TTY: 711), email or send a message through the MySBA Loan Portal. Market research and competitive analysisĬOVID-19 Economic Injury Disaster Loan (EIDL).The figure for 2021's loans trailed behind, at 85%, but Kelley told NPR he expects most of the remaining loans to be forgiven this fall. NPR contacted dozens of these tiny businesses with outstanding loans and heard all sorts of additional reasons why they remain unforgiven, ranging from missed emails or botched applications to bad advice from accountants.īut the SBA says some of these PPP borrowers simply have not yet applied for forgiveness, since many of them can wait to apply for up to five years after their loan was issued.Īt a Senate committee hearing in August, Kelley said the SBA has already processed forgiveness decisions for about 97% of loans issued in the first year of the program, 2020. One fintech, called Kabbage, is facing a class-action lawsuit over claims it failed to process loan forgiveness applications quickly and properly. Many of these businesses that got their loans through financial technology companies, rather than traditional banks, told NPR they've had great difficulty getting them forgiven.įintechs, as they're known, are businesses that use newer technology to offer financial services. Many work in service jobs heavily impacted by COVID-19, such as barbers, janitors and Uber drivers. The majority of these unforgiven loans are held by sole proprietors and independent contractors: one-person businesses specifically targeted by a later round of the program. Whose loans still haven't been forgiven?Ībout 1 million of the 11.4 million PPP loans remain unforgiven. The SBA uses computer models to review all 11.4 million loans, according to Patrick Kelley, a senior official with the agency, but he says auditors have manually reviewed only about 215,000 loans, or roughly 2% of the total number issued.Īnd of these close, hands-on reviews, Kelley says only about 21,000 were denied forgiveness, just about 0.2% of all loans issued. Meanwhile, the SBA is closely scrutinizing just a tiny portion of the millions of PPP loans for fraud and forgiveness eligibility. The SBA disputes these findings, but its own inspector general has estimated that at least 70,000 loans were potentially fraudulent. That's despite claims from University of Texas researchers that about 1.4 million PPP loans show signs of possible fraud, like suspiciously high payrolls and multiple businesses listed at the same residential address.
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