The Small Business Administration announced this morning it is taking additional steps toward improving the speed to resolve data mismatches and eligibility concerns so small businesses have as much time as possible to access much-needed PPP funds, while maintaining the integrity of the program.
Three changes were mentioned by the SBA:
1. Enable lenders to directly certify eligibility for borrowers for First Draw and Second Draw loan applications with validation errors to ensure businesses who need funds and are eligible receive them as quickly as possible.
2. Allow lenders to upload supporting documentation of borrowers with validation errors during the forgiveness process.
3. Create additional communication channels with lenders to assure SBA is constantly improving equity, speed, and integrity of the program, including an immediate national lender call to brief them on the Platform’s added capabilities.
Click here to view the SBA’s entire release.