image credit: Freepik

PPP forgiveness approvals could begin this week, SBA says

October 1, 2020

Contractors frustrated by the long wait for Paycheck Protection Program (PPP) forgiveness guidance may soon get their questions answered.

The Treasury Department expects to begin approving and paying out the forgiveness requests of PPP applicants as soon as this week, the agency said, according to The Wall Street Journal.

The Small Business Administration (SBA) has received more than 96,000 PPP loan forgiveness applications since its online portal opened Aug. 10, but has approved none, William Manger, the agency’s chief of staff, told House lawmakers last week, the Journal reported.

Read More on Construction Dive