PPP Loan Decimal Point Typo

Although a repair might be on the way, one owner's unfortunate experience serves as a reminder of the need of thoroughly reading loan-forgiveness packages before submitting them. Many employers used PPP loans to maintain their enterprises after COVID-19 struck. Many of those loans were forgiven by the government, but the documentation had to be completed precisely. One Texas company that previously received $13,000 discovered this the hard way.

She submitted a loan forgiveness application, but she left off the decimal point. She requested $1,300 as opposed to $13,000. The $1,300 was thankfully waived by the government in response. That left her liable for roughly $20,000 in debt.

A typo like that would seem to be simple to amend, but it seems that once the paperwork has been processed, the issue is closed. Despite her best efforts, the owner was unable to make any changes and will now be required to repay the remaining balance of the loan.

• Cost: $20,000