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Exception Tracking Spreadsheet (TicklerTrax™)
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SBA to offer direct PPP forgiveness applications

Politico News reports the Small Business Administration, in an effort to wind down the popular Paycheck Protection Program that has suffered bureaucratic snags and notorious fraud cases, will announce today a new initiative aimed at encouraging borrowers with loans of $150,000 or less (more than 90 percent of the program) to apply for loan forgiveness. The SBA, reports Politico, has notified banks that the agency is setting up its own online, direct-access forgiveness platform.

Applications will be accepted from small borrowers directly via an easy-to-use portal. While lenders will still be involved in deciding whether individual PPP loans should be forgiven, the SBA will take on much of the time and effort that banks currently have to invest in the process. SBA Associate Administrator Patrick Kelley, in a webinar on Tuesday about the agency's plan, urged lenders to opt in to the new platform, saying "give it over to the government and get your life back."

The SBA reportedly plans to launch the program as a pilot today and have it go live in about a week.

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