THE AMERICAN RECOVERY PLAN ACT (ARPA)

Paycheck Protection Program (PPP)

Last week, the SBA opened a portal that allows businesses to apply for forgiveness of PPP loans of $150,000 or less directly. Lenders must agree to use the portal, or this simplified option won’t work for the borrower. While about 900 lenders have so far signed on, the big banks are opting out.