Further guidance from the SBA is required to more fully understand how to apply these rules, McCaffrey said.
“In hindsight, the length of time that it took for businesses to apply and then receive PPP loans has been lengthy . . . with much uncertainty,” he said. “Also, the initial rules about applying for loan forgiveness weren’t published until May 15. Had these rules been known, we would have provided different guidance when the PPP program was announced and when the loans were new.
“We’re now seeing buyer’s remorse amongst many business owners, who now feel that if they’d known then then how long it would take to get the loan proceeds and what the process would be for loan forgiveness, they may have focused on other CARES Act benefits,” McCaffrey added.