WASHINGTON, D.C. (WWTI) — The Small Business Administration recently hit a milestone of approving $103 billion of Paycheck Protection Program funds. However the Administration also has plans to make improvements.
The SBA announced on Wednesday, that along with lenders, they are taking steps to improve the Paycheck Protection Program. According to the Administration, these improvements would focus on increasing equitable access for underserved small businesses, assure the integrity of the program and promote rapid and efficient distribution of funds.
SBA Senior Advisor to the Administrator Michael Roth released statements on these improvements.
“The SBA has achieved another major milestone to provide critical recovery capital to America’s small businesses by approving 1.3 million PPP loans totaling $104 billion in the current round,” stated Roth. “While 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.”
Additionally, the Small Business Administration announced additional steps they plan to take regarding the speed to resolve data mismatches and eligibility concerns. These changes would give small business more time to access needed funds.
- Enable lenders to directly certify eligibility of borrowers for First Draw and Second Draw loan applications with validation errors
- Allow lenders to upload supporting documentation of borrowers with validation errors during the forgiveness process
- Create additional communication channels with lenders to assure the constant improvement of equity, speed and integrity, including an immediate national lender call to brief lenders on the Platform’s added capabilities
The most recent round of the Paycheck Protection Program closed in late January 2021. The SBA reported that over 1.4 million small businesses have been supported through the program so far.