By Lisa Marie McAllister, CPA, EA
The Paycheck Protection Program (PPP) approval process just changed! The U.S. Small Business Administration (SBA) just announced changes designed to reduce delays in the Paycheck Protection Program (PPP) approval process.
The SBA will now allow lenders to directly certify the eligibility of borrowers for first- and second-draw loans and will not require lenders to submit supporting documentation of borrowers with validation errors until they apply for loan forgiveness.
The SBA is also expected to create additional communication channels with lenders, including an immediate call with national lenders to brief them on the PPP platform’s added capabilities.
The program is scheduled to continue accepting applications
through March 31