Treasury and SBA questioned about PPP loan forgiveness applications

This story appeared in Bank Digest.

Four Democratic members of Congress have sent a letter to the Department of Treasury and the Small Business Administration (SBA) urging them to provide an update on Paycheck Protection Program (PPP) loan forgiveness applications. The Treasury Department and the SBA have received nearly 100,000 applications for PPP loan forgiveness. The letter expresses disappointment in the lack of PPP loan forgiveness approvals and requested more information about the delays, stating “this is far too long for borrowers and lenders to be sitting waiting on updated information—and leaves them in an unnecessarily difficult position.”