SBA Makes Changes to Speed Up Resolution of PPP Issues

WASHINGTON, D.C. – Nearly a month after the Paycheck Protection Program resumed, the Small Business Administration is making changes that will help businesses more quickly resolve eligibility concerns and data mismatches.

In a statement issued Wednesday, the agency said it will allow lenders to upload supporting documents of borrowers with validation errors during the forgiveness process and enable lenders to directly certify eligibility of borrowers for first and second draw applications with validation errors. 

The SBA will also create more communication channels with lenders to ensure the agency is “constantly equity, speed, and integrity of the program, including an immediate national lender call to brief them on the platform’s added capabilities,” said senior adviser to the administrator Michael Roth in a statement. 

Since the Paycheck Protection Program resumed Jan. 13, 1.4 million small businesses have been approved for $1.3 billion in loans.

Of that, 82% of loans have gone to companies requesting less than $100,000, the Small Business Administration said. 

In addition, 28% of borrowers are in rural communities and the agency is seeing an increase in lending by community development financial institutions and minority depository institutions.

“While we are excited that we are doing a better job of reaching the hardest hit industries and communities, we are committed to taking additional steps to ensure that there is equitable access for underserved businesses and that we are leading with empathy to support small businesses in a difficult spot,” Roth said.

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