The U.S. Small Business Administration and lenders said they are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much-needed PPP funds to persevere through the pandemic.
The administration said it is working with the SBA to increase equitable access to underserved small businesses, to assure the integrity of the program, and to promote rapid and efficient distribution of funds.
This past week, the SBA hit a milestone of approving $103 billion of PPP funds to more than 1.4 million small businesses, it said.
“We are pleased that the Paycheck Protection Program is targeting the smallest of small businesses and providing economic relief at a crucial time in American history,” said Senior Advisor to the Administrator, Michael Roth. “The SBA has achieved another major milestone to provide critical recovery capital to America’s small businesses by approving 1.3 million PPP loans totaling $104 billion in the current round. While we are excited that we are doing a better job of reaching the hardest hit industries and communities, we are committed to taking additional steps to ensure that there is equitable access for underserved businesses and that we are leading with empathy to support small businesses in a difficult spot.”