Finding Text
The Corporation entered into Paycheck Protection Program Loans (PPP) for $49,775 via QuickBooks Capital through Cross River Bank (the Lender). The Lender has charged off the PPP loan, and the SBA purchased it. The Corporation is still liable for the PPP Loan. Due to the PPP loan not being approved by HUD, the payment of principal and interest cannot be made with current Project funds. The PPP Forgiveness Application was submitted to QuickBooks Capital. On April 25, 2025, the Corporation’s PPP loan was not forgiven. Per QuickBooks Capital, “However, after a review of your business’ operations, it has been determined that your business operates in a manner that would indicate it to be an ineligible business as outlined in 13 CFR 120.110 as revised by SBA regulations and guidance.” According to 13 CFR 121.110, Nonprofit businesses are ineligible for PPP Loan forgiveness. On July 23, 2026, the Corporation paid in full its outstanding Paycheck Protection Program (PPP) loan totaling $52,623. This event occurred after year end and does not affect the financial position as of December 31, 2025. This finding has been resolved.