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An analysis of data by the Small Business Administration suggests majority of Paycheck Protection Program were forgiven. Forgiveness of some PPP loans has been denied based on a miscommunication such as the lender not requesting documentation from SBA from the borrower.
The SBA public data indicates that more than 98% of the total PPP loan value requested to be forgiven by borrowers has been forgiven by the SBA. However, over the past month, there has been an uptick in the number of forgiveness applications denied by the SBA.