The U.S. Department of Treasury said last week it would soon begin forgiving loans granted under the Paycheck Protection Program (PPP) after borrowers and lenders complained that Small Business Administration (SBA) and Treasury employees have failed to respond to forgiveness requests, according to The Wall Street Journal.
The newspaper reported a Treasury spokesperson said it expects to approve forgiveness requests by early this week. Most loans are expected to be approved quickly, while those in excess of $2 million will get added scrutiny.
William Manger, SBA’s chief of staff and associate administrator, told House lawmakers last week that it has received 96,000 forgiveness applications, about 2% of the total loans, worth $525 billion, but none have been approved or denied, PYMNTS.com reports.
Treasury Secretary Steven Mnuchin has encouraged business owners to request forgiveness without delay.
