SBA and Treasury to Launch Eligibility Review of Certain PPP Loans

The Small Business Administration and the Department of the Treasury have announced that the SBA will review all Paycheck Protection Program loans in excess of $2 million to ensure that the loans were disbursed to eligible borrowers. The SBA review will take place after a lender has submitted a borrower’s loan forgiveness application. The NAM will provide more information as soon as the SBA issues further guidance on this new announcement as well as the procedures for loan forgiveness.  Click here for more.