AGC/SBA Negotiations Continue on PPP Lawsuit
Post date
April 23, 2021
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AGC remains in negotiations with the U.S. Small Business Administration (SBA) about the potential for a settlement of its Paycheck Protection Program (PPP) lawsuit. The target of that lawsuit is the “Loan Necessity Questionnaire” that has delayed action on many PPP loan forgiveness applications for loans over $2 million. The talks have produced both good and bad news.
The good news is that SBA has yet to deny any of the approximately 460 applications that AGC members have filed for forgiveness of loans over $2 million. The bad news is that SBA has granted only 24 of these applications.