A bipartisan group of lawmakers wrote to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza on Friday urging them to provide flexibility to lenders regarding the 10-day disbursement window to disburse Paycheck Protection Program funds to borrowers. They noted that banks began issuing loans prior to the 10-day requirement being finalized.
“Providing this flexibility will help lending and compliance departments fulfill the needs of their already approved PPP borrowers while preserving access to PPP applications for businesses in their community who may still apply,” the lawmakers wrote. “It will also preserve the intent of the CARES Act to expeditiously distribute money to small businesses quickly and preserve eligibility for loan forgiveness for certain expenses by the small businesses.”
