A new crisis looms for small businesses
A new crisis is looming for
New York small businesses if
they do not apply for the Paycheck
Protection Program’s
(PPP) “Loan Forgiveness Program,”
said one banking industry
leader.
Many of these small business
owners are not aware that
they need to be submitting applications
to have their loans
forgiven. Deadlines are rapidly
approaching that could
leave them having to pay back
these loans. If they don’t make
their payments, then the federal
government will pursue
them to recover the funds by
any means necessary.
“We at Ponce Bank believe
that there is a lack of understanding
about the need to apply
for this important ”Loan
Forgiveness Program,” says
Carlos Naudon, president of
Ponce Bank. “By not applying,
thousands of our most vulnerable
small business people are
sure to be saddled with a debt
that they cannot afford to pay
back; especially as many continue
to struggle with the continuing
negative impact of Covid.
In most cases you need
only to fi ll out a super-simple
form that requires no supporting
documentation (if their
loan is under $150,000 which
most of our loans are).”
The “Loan Forgiveness Program”
means the loan doesn’t
have to be paid back and in the
case of loans below $150,000
the process is extremely simple
and requires no-documentation.
It’s imperative that we
educate our community about
the importance of applying for
PPP forgiveness if you received
a PPP loan, Naudon said.
Imagine how many of the
tens of thousands of businesses
who secured their
loans through highly automated,
low-touch, digital channels
may share in this danger,
Naudon said. These high-volume
lenders have little incentive
to nurture their customers
through this process and
it’s likely that many thousands
of small businesses who received
funds that could easily
be converted into grants, may
fi nd themselves facing collection
proceedings from the U.S.
government.
-Bronx Times
Carlos Naudon, president and CEO of Ponce Bank, is calling on small business owners who accepted PPP loans
through the federal government to apply for loan forgiveness. Photo Jewel Webber
BRONX TIMES REPORTER, D 80 EC. 24-30, 2021 BTR
James E. MaQuade, Owner
Family Owned & Operated for over 60 years
3535 East Tremont Avenue
Bronx, New York
718-792-0270
www.schuylerhill.com
If funeral homes were all the same,
Ours wouldn’t be the family choice
The families of our community so often choose our funeral home. Some come to us to pre-plan
arrangements because we offer all the options and choices they desire. Others come to us at their
time of need seeking guidance, support and the certainty of a funeral service that is correct in
every way. Should your family fi nd itself in need of our services, we hope you’ll make the choice so
many in our community have.
/www.schuylerhill.com
/www.schuylerhill.com