Berger pushes SBA for updated PPP guidance

by NAFCU Newsroom

NAFCU President and CEO Dan Berger Tuesday urged the Small Business Administration (SBA) to release updated guidance to help paycheck protection program (PPP) lenders and borrowers implement changes enacted by the Paycheck Protection Program Flexibility Act – H.R. 7010.

President Donald Trump last week signed into law legislation to add flexibility to how PPP funds are used, including extending deadlines for using the loans and rehiring workers. Access NAFCU’s newly updated version of its PPP FAQs noting these changes

In the letter to SBA Administrator Jovita Carranza, Berger specifically asked the SBA for clarification on whether the lowered requirement of loan proceeds to be used for payroll costs applies to all loans whose forgiveness applications have not yet been approved.

Berger also noted guidance should cover whether borrowers who have already applied for forgiveness may reapply to “alleviate any disparity among borrowers.”

 

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