The U.S. Small Business Administration and lenders are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much needed funds to persevere through the pandemic, recover, and build back better.
\nThe administration is working to increase equitable access to under-served small businesses, to assure the integrity of the program, and to promote rapid and efficient distribution of funds, officials said.
\nBy Feb. 10, the SBA had hit a major milestone of approving $104 billion of PPP funds to more than 1.3 million small businesses, according to the agency.
\nHighlights from this round include:
\nReaching more of the smallest businesses; 82 percent of all loans going to businesses requesting less than $100,000
\nReaching rural communities in a meaningful way; 28 percent of businesses who have received funding this round are in rural communities
\nIncreasing partnerships with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) who are trusted agents in extending economic relief to minority communities and underserved populations
\nThe SBA is also following through on its commitment to take additional steps towards improving the speed to resolve data mismatches and eligibility concerns so that small businesses have as much time as possible to access much needed PPP funds, while maintaining the integrity of the program. Three important changes will:
\nEnable lenders to directly certify eligibility of borrowers for First Draw and Second Draw PPP loan applications with validation errors to ensure businesses who need funds and are eligible receive them as quickly as possible.
\nAllow lenders to upload supporting documentation of borrowers with validation errors during the forgiveness process
\nCreate additional communication channels with lenders to assure we are constantly improving equity, speed, and integrity of the program, including an immediate national lender call to brief them on the Platform\u2019s added capabilities
\n\u201cWe are pleased that the Paycheck Protection Program is targeting the smallest of small businesses and providing economic relief at a crucial time in American history. The SBA has achieved another major milestone to provide critical recovery capital to America\u2019s small businesses by approving 1.3 million PPP loans totaling $104 billion in the current round.
\n\u201cWhile we are excited that we are doing a better job of reaching the hardest hit industries and communities, we are committed to taking additional steps to ensure that there is equitable access for underserved businesses and that we are leading with empathy to support small businesses in a difficult spot,\u201d says SBA Senior Advisor to the Administrator Michael Roth.
\nThrough SBA\u2019s 68 district offices, the Agency will work in close partnership with the Biden-Harris Administration to further leverage its resource partner network and expand on multilingual access and outreach about the PPP.
\nUpdated PPP information, including forms, guidance, and resources can be found at www.sba.gov\/ppp and www.treasury.gov\/cares.<\/p>\n","protected":false},"excerpt":{"rendered":"
The U.S. Small Business Administration and lenders are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much needed funds to persevere through the pandemic, recover, and build back better. The administration is working to increase equitable access to under-served small businesses, to assure the integrity of the […]<\/p>\n","protected":false},"author":196,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"yoast_head":"\r\n