With the passage of a coronavirus relief package that includes a second wave of Paycheck Protection Program funds, the American Bankers Association joined a group of financial trade groups today in requesting the Treasury Department and Small Business Administration issue and finalize all rules and guidance of any PPP enhancements or new small business relief programs.
The groups wrote that detailed guidance before the program goes into effect will save small businesses time and enable them to use the programs more efficiently while also giving lenders “a chance at a smooth reimplementation process with easy and open access to all. The PPP’s original expedited implementation process hit major roadblocks in its early days that took weeks to recover. We have a chance now to make sure we get it right and eliminate uncertainty and confusion.”
The groups went on to say “we urge you to issue guidance expeditiously to ensure a second round of funds reach those most severely impacted as quickly as possible. Financial institutions across the country stand ready to service a second round of PPP loans for our small business and nonprofit customers.”