Since the start of the year to Jan. 31, the Small Business Administration has approved nearly 900,000 loans totaling $72.7 billion through its Paycheck Protection Program, according to a report released yesterday.
The Small Business Administration on Saturday updated its set of frequently asked questions on the Paycheck Protection Program.
The Small Business Administration last night issued several notices providing updated guidance on various COVID-19 relief programs.
American Bankers Association VP Dan Martini today participated in an American Institute of Certified Public Accountants webinar on Thursday with thousands of CPAs interested in the Paycheck Protection Program on the line.
As the Small Business Administration works to resolve several issues with the Paycheck Protection Program flagged by ABA earlier this week, it issued a procedural notice late Wednesday night outlining how it will move forward with the processing of second-draw PPP loan applications for borrowers who still have an unresolved issue related to their first-draw loan.
In response to a letter from the American Bankers Association yesterday highlighting “systemic” issues with the Paycheck Protection Program since its reopening earlier this month, the Small Business Administration today announced several steps it will take to ensure that second-draw PPP loans can be processed efficiently.
In a letter to the acting heads of the Small Business Administration and Treasury Department today, the American Bankers Association raised several significant issues that have arisen since the PPP re-opened earlier this month.
With the Paycheck Protection Program portal reopening for all lenders this morning, the Small Business Administration today issued a set of frequently asked questions that address how to calculate revenue reduction and maximum loan amounts for second-draw PPP loans, as well as the documents borrowers must provide to back up these calculations.
The Small Business Administration will open the Paycheck Protection Program portal on Friday to lenders with $1 billion or less in assets to begin processing both new and second draw loan applications.
The Small Business Administration announced today that the Paycheck Protection Program will officially reopen on Monday, Jan. 11, only to community development financial institutions, minority-depository institutions, certified development corporations and microloan intermediaries making first-draw PPP loans.