The U.S. Small Business Administration (SBA) is taking steps to improve the Paycheck Protection Program (PPP) loan review so that small businesses have as much time as possible to access much needed PPP funds, the agency announced in a press release.
While reviewing the initial draw of PPP loans, the SBA identified anomalies – mostly data mismatches and eligibility concerns – in approximately 4.7% of the lender-submitted data.
To address those anomalies, the SBA is hosting a national call to brief lenders, giving additional training to its lender relations specialists to help lenders and borrowers, and providing additional guidance to PPP lenders on the review and resolution process.
Visit www.sba.gov/ppp for more guidance and resources.