A group of House Republicans asked the SBA for information on its backlog of Paycheck Protection Program loan-forgiveness applications.
Background: In a joint letter, the lawmakers noted that while the SBA is required to issue decisions on applications within 90 days, the agency frequently misses the deadline.
Request: The House members requested information on the backlog, including the number of applications past the 90-day deadline and the average number of days the SBA takes to respond to applications.
ICBA Position: Following the passage of ICBA-advocated stimulus provisions simplifying PPP loan forgiveness at the end of 2020, ICBA has continued working with policymakers to address the backlog and streamline the program.
Funding: Meanwhile, this week’s SBA report on PPP data shows more than $240 billion of the $292 billion appropriated for the current round has been approved for lending, with the program scheduled to expire May 31.