Navigating Through PPP Loan Forgiveness – Fineman West Gets $5 Million+ Forgiven

Client:

Multiple clients in the retail and apparel industries

Challenge:

Hundreds of companies applied for loans through the SBA Paycheck Protection Program (PPP) with the expectation that they would be forgiven. Yet many businesses that received loans over $2 million were surprised to receive a difficult questionnaire. Adding fuel to the fire, many businesses recovered quicker than expected, which left the door open for the SBA to deny loan forgiveness. Multiple clients turned to Fineman West for help in navigating these murky waters.

Strategy:

Approaching the challenge as a team effort, we brought together partners from every department to ensure there wasn’t one accounting detail overlooked. Understanding that each business is in a unique situation, we responded to questionnaires custom to the issues and economics of each client. By careful formulation and transparency, we demonstrated the clients’ need for loan forgiveness.

Result:

One client, an apparel company, was forgiven for a $2 million loan. Another client in the retail sector was forgiven for $3 million. As more businesses come up against the challenge of getting their PPP loans forgiven, we are prepared to help clients navigate and resolve these issues.

Need help with PPP forgiveness? Contact us today at (213) 688-9898 or info@fwllp.com.