Issue link: https://nebusinessmedia.uberflip.com/i/1399624
19 HARTFORDBUSINESS.COM | AUGUST 9, 2021 government put this in place and rolled it out in three weeks. They were able to put $670 billion out to small businesses. Was it perfect? No. But I think overall, they've done pretty well." Marx had high praise for the banks that partnered with the SBA. Faced with a tsunami of loan applications, bank employees stepped up to the plate, she said. "These institutions went above and beyond to save thousands of Connecticut businesses," she said. "Their lending teams worked day and night to process these PPP loans in 2020, and then they turned around and did it again in 2021. We are very grateful for that." time we made the process more efficient so businesses can get back to sustaining our communities." 'Everyone has been forgiven' Gary Martin, a partner at FLP Accounting and Tax in Southington, said his clients are happy with the forgiveness process. While it can be slow, virtually everyone is approved, Martin said. "As long as you have your documentation, it's pretty straightforward," he said. Brian Kerrigan, an advisory partner with the Hartford-based accounting and consulting firm Whittlesey, said his clients have had the same experience. "I only saw one conditional denial and that conditional denial was they had to get more information," he said. "Pretty much everyone has been forgiven." A key to the forgiveness process is reminding borrowers that the deadline is approaching, said Ion Bank President and CEO David Rotatori, whose Naugatuck-based community bank wrote about 3,000 PPP loans totaling $285 million. His bank has reached out to borrowers to let them know when Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … www.borghesibuilding.com © 2011 BlueScope Buildings North America, Inc. All rights reserved. Butler Manufacturing™ is a division of BlueScope Buildings North America, Inc. 2155 East Main Street • Torrington, Connecticut 06790 Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. Contact us at 860-482-7613 or visit us on the web. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, our goal simple: To provide our complete design, planning construction services industrial and retail on years of experience, competitive and offer When the strictest attention is critical to your success, always count on Borghesi From concept to occupancy, is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, The Single Source Construction Firm Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Wittmann Battenfeld, Torrington, CT Napoli Retail, Southington, CT Nufern, East Granby, CT Windsor Marketing Group (WMG), Suffield, CT The Belknap White Group, Hartford, CT Since 1942, our goal has been simple: To provide our clients with complete design, planning and construction services for commercial, industrial and retail buildings. Based on years of experience, we're price competitive and offer high quality. When the strictest attention to detail is critical to your success, you can always count on Borghesi to deliver. From concept to occupancy, Borghesi is your single source. AKDO, Bridgeport, CT Stevens Manufacturing, Milford, CT Building Ideas That Work … Brian Kerrigan they need to seek forgiveness and how to do it, Rotatori said. It's easy [for the borrower] to forget," he said. "We've been pretty proactive." Marx noted the forgiveness process becomes more involved and longer for loans of $2 million or more. "As it should because we are dealing with taxpayer money, and we want to make sure the process includes a minimum of waste, fraud and abuse," she said. Important lifeline SBA relied on banks to implement the PPP program. Banks made the loans out of their own funds and SBA guaranteed them. Borrowers had eight to 24 weeks to expend the funds and 10 months after that to apply for forgiveness. Once the loan is forgiven, SBA reimburses the bank that issued it. Even if they miss the deadline for avoiding payments, lenders can still apply for forgiveness, according to Kerrigan. "You can file a forgiveness application up to the maturity date of your loan," he said. All involved said the program has been a big success, likely saving thousands of Connecticut businesses that would have otherwise ceased operations. While it got off to a shaky start, the program was soon on solid ground, accountants and bank officials interviewed for this story said. "It's gone very well," Kerrigan said. "You have to consider the PPP loan forgiveness breakdown Forgiveness by loan count Total 2020 PPP volume 5.2 million Forgiven 3.3 million Under review 145k Applications not yet received 1.7 million Forgiveness by dollar amount Total 2020 PPP volume $521.2 billion Forgiven $279.4 billion Amount not forgiven $1 billion Under review $81.5 billion Applications not yet received $159.1 billion Source: U.S. Small Business Administration I only saw one conditional denial and that conditional denial was they had to get more information. — Brian Kerrigan Whittlesey