SBA Provides Direct Forgiveness for Small Dollar Loans

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Borrowers under a payroll protection program with loans of $ 150,000 or less will be able to ask the Small Business Administration for forgiveness directly, rather than through their lender.

IN temporary final rule published by the agency on Wednesday, allows lenders to choose an alternative method of processing PPP loans, reducing the burden on lenders to service forgiveness applications. According to the SBA, the guidance is an attempt to speed up the forgiveness process and make it easier for small PPP lenders.

  • Loans of USD 150,000 or less account for 93% of outstanding PPP loans and small lenders …

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