NASSAUSUFFOLK

 View Only
  • 1.  Citibank PPP Loan Forgiveness

    Posted 10-06-2021 09:21 AM
    I have a small business client who received approx. $18k in a PPP loan from Citibank. After months and months of not being able to submit the forgiveness application because of their technical difficulties, they are only forgiving $300. Has anyone had any experience with Citibank and their PPP loan forgiveness? You can barely speak to anyone there or you have to contact by email and you get no answers. 

    Thank you,

    ------------------------------
    Renee Greenspan
    JOHNSON CPA
    Bellmore NY
    ------------------------------


  • 2.  RE: Citibank PPP Loan Forgiveness

    Silver Most Valuable Member
    Posted 10-07-2021 07:23 AM
    I had a similar experience.  I ended up resending my calculations directly to the SBA government official.  Then the SBA person said that they couldn't follow my calculations.  I responded by asking to escalate this to his supervisor as I felt that he couldn't do simple math. (Two employees - very basic math - 4 or 5 calculations in MS Excel - everything was spelled out in the worksheet).

    End result was that the loan was forgiven. No supervisor review.
    Good luck,
    Best,
    Irene

    ------------------------------
    Irene Wachsler, CPA
    Wachsler CPA LLC

    Contact:
    Irene Wachsler, Trusted Biz Advisor for small business & gig economy
    Mass & NY Film Tax Credits
    Wachsler CPA , LLC
    Cell: 781.883.3174
    Email: irene@iw-cpa.com
    ------------------------------



  • 3.  RE: Citibank PPP Loan Forgiveness

    Posted 10-07-2021 09:02 AM
    Hi Irene,
    Do you have the contact of the person from the SBA that you sent the calculations to?

    ------------------------------
    Renee Greenspan
    JOHNSON CPA
    Bellmore NY
    ------------------------------



  • 4.  RE: Citibank PPP Loan Forgiveness

    Silver Most Valuable Member
    Posted 10-07-2021 09:35 AM
    No - sorry I don't.  Everything went through my lender/SBA loan portal.

    ------------------------------
    Irene Wachsler, CPA
    Wachsler CPA LLC

    Contact:
    Irene Wachsler, Trusted Biz Advisor for small business & gig economy
    Mass & NY Film Tax Credits
    Wachsler CPA , LLC
    Cell: 781.883.3174
    Email: irene@iw-cpa.com
    ------------------------------



  • 5.  RE: Citibank PPP Loan Forgiveness

    Posted 10-07-2021 10:52 AM
    I bank with Citi and originally applied through them.  After 2 weeks of not hearing anything< I applied through a different bank and got funded before Citi even reached out to me.

    ------------------------------
    Michael Margolis
    CPA
    MORDFIN, LLP
    Great Neck NY
    ------------------------------



Discussion Disclaimer

The opinions expressed are the views of the author alone and should not be attributed to any other individual or entity and shall not constitute an accounting opinion.