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The Paycheck Protection Program (PPP) is set to expire at the end of this month and business groups and the lending community are pressing the Biden administration for an extension.
Citing delays that have dogged the program from the start of this latest round and last-minute changes requested by the Biden administration on February 22, the groups have issued a flurry of letters calling for lawmakers to either craft an immediate extension or offer an allowance for applications that were submitted prior to the deadline.
In a March 5 letter to lawmakers, the American Bankers Association (ABA), along with other lending groups, notes serious concerns about the number of PPP loans that are on hold as a result of the Small Business Administration s application system, which unlike in past rounds offers increased fraud and data checks. Many of those holds are destined to remain unresolved past the program s March 31 end date, which the lenders note will b