At a Senate Small Business and Entrepreneurship Committee hearing on Wednesday, “the SBA noted that two million PPP requests were blocked by error codes and that approximately 190,000 requests still remain. not been approved, ”AICPA said. “This reinforces the great need to extend the loan application deadline.”
Rob Nichols, president and CEO of the American Bankers Association, urged President Joe Biden “to sign it quickly as law.”
The legislation “will help ensure that small businesses that have already applied for a PPP loan can get that loan processed, rather than risk having this program terminate before their documents are completed,” Nichols said in a statement Thursday. “It will also give more time to still struggling small businesses that have not yet applied for a PPP loan to do so.”
Banks of all sizes, added Nichols, “stepped up during the pandemic to firmly support this unprecedented program and provide more than $ 675 billion in P3 loans to small businesses, helping to support millions of jobs. We will continue to work in partnership with the SBA to identify and resolve operational issues that prevent the program from reaching its full potential.