If getting a PPP loan approved meant you had to move at warp speed, getting one forgiven may well feel like you’re stuck in slow motion.
That’s the case for Andrew Cao, a managing partner at Motoza, the Austin-based digital marketing agency he founded in 2011. Cao tapped into the Paycheck Protection Program — the $521 billion forgivable loan program designed to bridge small businesses through the pandemic–in May, after some of his clients started pulling their business. He applied through a local lender, Horizon Bank, after failing to get in on the first tranche of PPP funding with his company’s own bank, Bank of America.
