August 24, 2021

SBA releases updated data on PPP loan forgiveness process

Small BusinessThe Small Business Administration (SBA) last week released the most recent paycheck protection program (PPP) data which revealed that the agency has completed 46 percent of the loan forgiveness process, totaling 59 percent of the total PPP loan value to be forgiven.

In addition, the SBA highlighted that 4,836 lenders have requested forgiveness for PPP loans.

Recently, SBA announced an interim final rule (IFR) that makes several changes to the PPP forgiveness process; the IFR became effective July 28.

NAFCU will continue to advocate for improvements and transparent guidance to ensure credit unions can lend effectively through the SBA’s programs. Stay tuned to NAFCU Today for the latest from the SBA, Treasury, the Fed, and the administration. Access the association's PPP FAQs here.