Earlier this week, AGC filed a Freedom of Information Act (FOIA), in response to SBA’s delayed decision-making process of the PPP loans as members report they have already waited many months for SBA to act on their applications for the forgiveness of loans over $2M. SBA continues to hide the difference in the time it requires to process applications for the forgiveness of loans over and under $2M. AGC has learned that a private company is playing an apparently significant but uncertain role in the processing of applications for the forgiveness of loans over $2M.
While SBA has clarified that it will base its decisions on a “multi-factor analysis” of the “totality of [each] borrower’s circumstances,” the agency has yet to share any of the particulars of that analysis, such as the factors that it weighs, or how it weighs them. As AGC waits for SBA to respond to its request for information, the association will continue to talk to the agency about the potential for a settlement of the lawsuit that the association filed against the agency last December.