The U.S. Small Business Administration (SBA) and lenders have announced they are taking more strides to improve the Paycheck Protection Program (PPP) so that small businesses can access much needed funds.
The administration announced it will work with the agency 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 week, the SBA hit a major milestone of approving $103bn of PPP funds to more than 1.4 million small businesses.
The administration reached 28% of businesses in rural communities as well as increasing its partnerships with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) who are “trusted agents” in extending economic relief to minority communities and underserved populations.
The SBA revealed it will also follow through on its commitment to take “additional steps” towards improving the speed to resolve data mismatches and eligibility concerns so that small businesses have as much time as possible to access much needed PPP funds, while “maintaining the integrity” of the program.
Michael Roth, senior advisor to the administrator, SBA, 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.
“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.”