PPP EIDL Update 9-28-20: 5 Million PPP Forgiveness Loan Applications Zero Approved? WHAT?!

EIDL LOAN & PPP LOANS Trump administration Cares Act gave Freight Companies a competitive edge. No PPP Loan forgiveness has been granted with 96,000 PPP Loan Forgiveness application submitted.

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An unexpected by-product of Paycheck Protection Program loans were their impact on the freighting industry.

In fact, during the month of April, freight rates dropped by more than 2%, mainly due to PPP money hitting bank accounts.

Aaron Terrazas from Convoy stated: “I was surprised at how strong the results were. It’s an important topic.”

He continued: “We estimate that in April 2020, after PPP loan distribution began, carriers that received PPP loans initially bid 2.6% below carriers that did not receive loans, and submitted final bids 2.2% below carriers that did not receive the federal loans.”

While EIDL and PPP loans were not the only reason for this drop in freight rates, it just goes to show that stimulus packages could have positive impacts on unexpected areas of the economy as funds are put into the market.

Meanwhile, a recently reported case of PPP loan fraud was exceedingly egregious, as the loan claimant was a convicted bank robber.

A man in the great state of Rhode Island attempted to collect $4.3 million in PPP loans, and was successfully able to obtain almost $600,000 in small business disaster relief funds.

By using his own name, as well as the names of other family members, this former bank robber was able to steal $599,251 from the SBA.

At this time, the man has been apprehended by the FBI and will pay the price for committing loan fraud.

As always, crime never pays and you will be caught in the end if you are ever trying to defraud the US government.

Finally, a massive group of PPP loans have not seen 1 application approved for forgiveness, as the banks and lenders continue pointing fingers at the SBA.

Small- to medium-sized businesses (SMBs) make up over 5 million loans worth upwards of $525 billion, but not 1 of these applications have successfully obtained full forgiveness for spending the loan appropriately.


The SBA has admitted to receiving 96,000 forgiveness applications from SMBs, which makes up nearly 2% of the total loans, but none have been approved or denied.

Naeha Prakash, associate general counsel of the Bank Policy Institute, explained: Unless we get something both from a legislative perspective and from Treasury and SBA to make this process a little easier, it’s going to be a struggle.”

It’s shocking that after receiving 96,000 forgiveness applications, the number of approved forgiveness applications remains at zero.

Hopefully the government will either make the process easier for these 5 million plus applications, of offer blanket forgiveness to ensure these loans turn into free money.

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