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Some lending groups push Congress for easier PPP loan forgiveness

Some small enterprise teams and Paycheck Safety Program lenders are pushing the Small Enterprise Administration and Congress to make additional adjustments to the forgivable mortgage program to hurry up the forgiveness course of.

These adjustments embrace eliminating so-called “gotcha” denials based mostly on sudden adjustments in SBA guidelines that have been imposed with out discover, requiring lenders with gradual forgiveness to opt-in to the SBA’s direct forgiveness portal, routinely forgiving PPP loans of $25,000 or much less and making certain that SBA’s fraud actions give attention to bigger loans.

It additionally consists of forgiving PPP loans for small enterprise homeowners that made “good-faith” errors through the course of, stated Tracy Ward, director of the SBA 504 Mortgage Program at Self-Assist Ventures Fund in Durham, North Carolina, in a Congressional hearing Wednesday.

Read the full story on cleveland.com’s sister site, Cleveland Business Journal.

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