SBA details plan to improve first-draw PPP loan process
The Small Business Administration (SBA) Tuesday issued a press releaseoutlining steps the agency is taking to improve the first-draw paycheck protection program (PPP) loan process.
The SBA indicated it will host a national call to brief lenders on the PPP platform’s additional detailed information that will assist in the resolution of first-draw PPP loan review and potential holds that impact second-draw PPP loan application approvals.
In the press release, the SBA also stated it will equip its field team of lender relations specialists with information to provide support to lenders and borrowers in understanding the issues and facilitating the appropriate responses to resolve. In addition, the SBA will provide additional guidance to PPP lenders on the review and resolution process.
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