Video

Following a review of the current PPP timeline, today’s update covered important information firms and their clients need to know about the next steps for loan applications now that the general funding has expired, including:

• Handling various SBA error and hold codes – It is important to note that SBA Compliance Check & Hold Codes must be cleared by May 15 to secure funding from the $6B set aside by SBA. If Codes are not resolved by then, the funds might not be available.
• Defining updated application statuses for applications with errors and explaining actions to take.
• “More Information Needed” applications – PPP Loan applications that are in a ‘More Information Needed’ status generally have one of three requirements outstanding that firms and their clients need to complete.