Steven Smith, shareholder in the firm’s Corporate section, spoke with the Pittsburgh Business Times about the issues arising as banks put PPP loan forgiveness on hold. The article, “Here's why these big Pittsburgh banks paused PPP loan forgiveness” details the complexities business owners and banks face as they await new guidance from the Small Business Administration.
Actually, there are a couple of issues, Steven Smith, a shareholder at law firm Buchanan Ingersoll & Rooney PC, pointed out. Many banks aren’t set up yet to accept the SBA’s new one-page forgiveness applications for loans under $150,000 and some borrowers in the over $2 million loan bracket are waiting to see if there’s enhanced guidance/possible changes on the necessity questionnaire.
“We’re kind of going with the flow in that regard,” Smith said.