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Washington, February 10, 2021 (GLOBE NEWSWIRE) – Today, U.S. Small Business Administration and lenders are making more progress in improving Paycheque Protection Program (PPP) so that small businesses can access the much-needed PPP funds to persevere during the pandemic, recover and rebuild better. The Authority works with the Agency to increase equitable access to underserved small businesses, to ensure the integrity of the program, and to promote rapid and efficient distribution of funds.
This week, the SBA took a significant step forward by approving $ 104 billion in P3 funds to more than 1.3 million small businesses. Highlights from this round include:
- Reach more small businesses; 82% of all loans go to businesses asking for less than $ 100,000
- Reaching rural communities in a meaningful way; 28% of businesses that received funding from this round are in rural communities
- Increase partnerships with community development finance institutions (CDFIs) and minority depositories (MDIs) which are trusted agents to extend economic assistance to minority communities and underserved populations
The SBA is also following through on its pledge to take additional steps to speed up resolution of data inconsistencies and eligibility issues so that small businesses have as much time as possible to access much-needed PPP funds, all the while. maintaining the integrity of the program. Three important changes:
- Allow lenders to directly certify borrower eligibility for first and second draw PPP loan applications with validation errors to ensure businesses that need funds and are eligible receive them as quickly as possible
- Allow lenders to upload supporting documents for borrowers with validation errors during the remittance process
- Create additional channels of communication with lenders to ensure that we are constantly improving the fairness, speed and integrity of the program, including an immediate call to domestic lenders to inform them of the platform’s additional capabilities
“We are delighted that the Paycheque Protection Program is targeting the smallest of small businesses and providing economic relief at a critical time in American history. The SBA has taken another important step in providing critical recovery capital to small U.S. businesses by approving 1.3 million PPP loans totaling $ 104 billion in the current cycle. While we are excited to do a better job of reaching the hardest-hit industries and communities, we are committed to taking additional steps to ensure equitable access to underserved businesses and which we are empathetically leading to support small businesses. in a difficult situation, ”SBA Senior Advisor to Administrator Michael Roth said.
Through SBAs 68 district offices, the Agency will work in close partnership with the Biden-Harris administration to further leverage its network of resource partners and develop multilingual access to and awareness of PPP. Updated information on PPPs, including forms, tips and resources, is available at www.sba.gov/ppp and www.treasury.gov/cares.
About the United States Small Business Administration
The Small Business Administration of the United States is making the American dream of becoming a business owner a reality. As the only resource and voice for small businesses backed by the strength of the federal government, the SBA gives entrepreneurs and small business owners the resources and support they need to start, grow or grow their businesses, or grow their businesses. recover from a declared situation. disaster. It provides services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Press Office United States Small Business Administration [email protected]
Source: United States Small Business Administration