I was verified by Square in early Feb 2021 for 2nd Round PPP (they handle my payroll & my POS so they have all the info directly of what’s needed for PPP submission) I was in SBA review since 2/17 & today got email rejecting my app because bankruptcy. We filed Ch13 in 2018 and have not missed any payments to trustee ever since. I was approved & 100% forgiven for 1st PPP early this year. I thought PPP was not based on credit since most if not all would be forgiven anyway?
This has really dampened my spirits as I called SBA & Square back and forth ~6x each today because one kept telling me i had to contact the other. One SBA agent even told me to Google latest legislation that would include bankruptcy as why I got rejected! As most of us small business owners we rely on govt help to prolong our business livelihood. SBA also told me there’s no way to be reconsidered once denied.
If Square my lender verified all numbers were good to go & SBA who says they just fund apps & trust the lender to verify info then whyvv be would they reject my app when nothing has changed from last year as far as my personal finances?
