In an article published by the South Florida Business Journal, Partner Andrew Demers discusses the challenges small business owners face during the PPP application process.
“Big lenders may have prioritized the ‘cleanest’ PPP applications, which usually come from larger companies that have the means to outsource accounting and payroll to professionals,” he said. Drew explained that small businesses with fewer than 10 employees usually don’t have the funds to pay a third party to handle financials, which may have led to applications with errors or information that was difficult to verify. “That can hold up underwriting for the loan and, ultimately, SBA approval.”
Drew advised the clear path to SBA approval is for businesses to have their documents organized and verified as quickly as possible.
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