As the Small Business Administration prepares to wind down the Paycheck Protection Program, the American Bankers Association and a coalition of other trade groups called on Congress today to extend the application period for the program because of continued SBA processing issues. Without congressional action, the program will shut down on March 31.
In a letter to congressional leaders, the groups flagged several outstanding issues with the program, including a lack of progress on hold and error codes, application rejection due to Taxpayer Identification Number issues or mismatches and “many unresolved technical problems with the current PPP process.” The groups added that “delays and denials may put many applicants in danger of not making the March 31 authorization deadline.”
The groups offered support for the PPP Extension Act of 2021, a bipartisan bill that would extend the application period for new loans through May 31, 2021, and grant SBA an additional month to process loan applications before the program’s conclusion on June 30.
