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ICBA and other financial groups called on policymakers to ensure the SBA clears the thousands of Paycheck Protection Program loan applications in process through the end of March.
Background: Since the PPP reopened earlier this year, SBA has implemented various automated checks and hold codes on incoming loan applications, which has slowed down the approval process.
ICBA Position: With program authorization expiring on March 31, ICBA asked Congress to (1) urge the SBA to clear the holds for loans that are still outstanding when the program shuts down, and (2) allow loan applications that have been received by SBA on or before March 31 to be given the necessary time to be completed and funded.