Attention Pawnbrokers that received PPP loans and then had difficulty obtaining Forgiveness from the SBA.
NPA’s Team GRC has learned that other non-depository providers of consumer financial services experienced denials from the SBA of PPP loan forgiveness and are considering legal action. We have been asked by their association about pawnbrokers’ experiences.
We know that some of you had delays or denials, so we need your information to decide if more involvement by the NPA is required.
- If you obtained a PPP loan and applied for forgiveness, did the SBA forgive your loan to the extent you expected? Or less than you expected?
- Did the forgiveness process take longer than you were told to expect by the bank or other lender that helped you obtain your PPP loan?
- Did the SBA request more information from you before processing your forgiveness application? Were there multiple requests for more information?
- If the SBA denied your forgiveness application, what explanation were you given?
- If you were denied, did you appeal? If so, did the SBA grant you forgiveness on appeal?
Please email this information to NPA’s Government Relations Liaison, Fran Bishop at email@example.com.