Pressure Mounts on SBA to Forgive Loans, Prevent Fraud

The Treasury Department and SBA have not yet forgiven any of the 5.2 million emergency coronavirus loans issued to small businesses. Small businesses that received Paycheck Protection Program funds, as well as their banks, have been frustrated by the difficulty in applying for loans to be forgiven. SBA announced last week that it had received only 96,000 loan applications and has not processed any applications. Treasury and SBA officials have said they plan to begin considering the applications soon. SBA officials say they opened the system for forgiveness August 10. The agency has 90 days to consider each application after it receives bank approval, according to the CARES Act.

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