The SBA said it is working to improve reviews of first-draw Paycheck Protection Program loans. The agency said anomalies—mostly data mismatches and eligibility concerns—were identified in approximately 4.7 percent of lender-submitted data.
The SBA said these concerns will require follow-up between lenders and borrowers so borrowers can access a second round of loans. It encouraged borrowers and lenders to work together as quickly as possible to resolve the issues.
Announcing that it has approved more than 400,000 loans for approximately $35 billion during the newest round of PPP lending, the SBA also said it is planning additional guidance for lenders while equipping field teams with information to help lenders and borrowers.
Additional PPP information and resources are available on the SBA and Treasury sites, tomorrow's ICBA Community Bank Briefing, ICBA's PPP and EIP News page, the Independent Bankers Association of Texas's matrix of PPP updates in the stimulus law, and ICBA's summary of the stimulus package's community banking provisions.
OriTrust's PPP Fast Application is a powerful bank developed tool that can help its members fast-track PPP lending and is very straightforward and simple to use. It helps with making sure the bank is collecting all the required information and with the ongoing monitoring of information to ensure each borrower obtains loan forgiveness.