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The Small Business Administration will stop requesting additional financial information for PPP loans greater than $2 million.(Twitter/Bloomberg)
The Small Business Administration (SBA) announced it will eliminate the loan necessity review for Paycheck Protection Program (PPP) loans of $2 million or more.
The announcement is a 180 degree turn for the agency. The SBA received widespread backlash in the early days of the pandemic for allowing publicly traded companies to receive PPP funds while small and minority businesses were ignored.
In its announcement the SBA added it will publish a FAQ on the subject soon. Carmen Calzacorta, an attorney with Schwabe, Williamson & Wyatt, told INC the change is “a time and money savings.”