Statewide, the SBA and its lenders approved 281,058 loans totaling $ 37.8 billion, after accounting for repayments and cancellations, said Kelly LoTempio, spokesperson for the Buffalo District Office of the ‘agency. However, she said she was not aware of any returns locally.
Neither does Tom Mazurek, a partner at Tronconi Segarra & Co., one of the region’s leading accounting firms, who has worked to advise small businesses in PPP. He said many companies he spoke to struggled with the terms of the program, trying to figure them out, but they all concluded they needed it.
Keith Bookbinder, managing partner at accounting firm Lougen Valenti Bookbinder & Weintraub LLP, said he had “heard of a few cases” of applicants dropping out of the program, but did not know the details.
“As far as I know, this is not a common occurrence,” Bookbinder said.
In Hein’s case, most of his 60 employees could work remotely, but the company did not have work for seven to 10 employees because its facilities were closed. So officials sent them home, but paid them anyway, CEO Kevin Marmion said.
Marmion said Hein initially seemed to fit the program’s goal of keeping people on the payroll, and the company’s lenders encouraged them to continue with the loan, which had no restrictions at the start. The company asked for $ 120,000 on the second day and was approved, but the money ran out, so they had to wait.
Leave a Reply