SBA Issue First PPP Forgiveness Decisions
The agency opened the Paycheck Protection Program forgiveness portal to lenders Aug. 10 and will start reviewing forgiveness applications next week. More than 96,000 requests for Paycheck Protection Program loan forgiveness have been submitted to the Small Business Administration since early August, but none were approved — but that’s about to change.
The Treasury Department said that PPP requests will start to be approved and paid late this week or early next, the Wall Street Journal reported. The move comes as banks and small businesses have raised concerns about the onerous process of applying for forgiveness.