Kabbage PPP forgiveness unavailable, loans are getting matured. Must escalate to the SBA

 

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Kabbage PPP forgiveness unavailable, loans are getting matured. Must escalate to the SBA

It looks like this issue must be escalated to the SBA on a mass level. I’m watching several dozen of applications including two for my own businesses and I get no response or feedback from Kabbage in regard to forgiveness of the applications. Some of the loans are about to mature and their forgiveness is about to expire. I’m going to escalate this problem to the SBA. Maybe a petition will have to be signed to bring this to the SBA’s attention. So any additional input is valuable.

As of **05/12/2021**, the dashboard shows the following confusing information:

“ABC Inc can now apply for loan forgiveness”

then

“The SBA recently released new forgiveness applications based on the changes in the December 27, 2020 relief bill. We are currently not accepting forgiveness applications due to changes made by the SBA. The SBA is no longer accepting the legacy 3508S, 3508EZ, and 3508 forms as of **March 5th, 2021.**

Please be patient with us as we prepare for the new forms. If you have an open application with us, we will be reaching out when the new forgiveness application forms are ready. If you have an application submitted to the SBA before March 5th, 2021, the SBA will continue to process your application.

We apologize for any inconvenience this may cause, and we appreciate your understanding.”

​

p.s. Kabbage was bought by AmEx last year but a part of it didn’t make the deal. So its future and the future of those who weren’t in the scoop looks foggy.

[https://www.cnbc.com/2021/04/07/amex-acquisition-of-online-lender-kabbage-hurt-ppp-borrowers.html](https://www.cnbc.com/2021/04/07/amex-acquisition-of-online-lender-kabbage-hurt-ppp-borrowers.html)

Kabbage PPP forgiveness unavailable, loans are getting matured. Must escalate to the SBA

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