While the Small Business Administration (SBA) has been making several updates to its loan programs and small business services (e.g., the 7(a) Working Capital Pilot Program, increased surety bond guarantees, and Lender Match tool enhancements), it has faced challenges in its oversight of the Paycheck Protection Program (PPP). Most recently, and perhaps a bit ironically, the SBA had a significant delay in sending delinquent PPP borrowers notices that the SBA would be transferring debts to the Treasury Department. Over 5,000 PPP loans were affected, totaling approximately $1.5 billion.
Business Takeaways: Business owners who received PPP loans should remain vigilant about SBA communications regarding loan status and repayment, as the agency has experienced its own lapses. Contact info@goldsteinsc.com if you have questions regarding repayment of your PPP loan.