SBA details plan to improve first-draw PPP loan process
The Small Business Administration (SBA) Tuesday issued a press release outlining 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.
NAFCU has updated its PPP FAQs to include new sections related to first- and second-draw PPP loans. Access all of the association's coronavirus resources here. Additional information on the paycheck protection program is available on the SBA's website and Treasury Department's website.
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