CLEVELAND, Ohio – Small businesses applying for forgiveness for Paycheck Protection Program loans may have to wait.
While the Small Business Administration officially opened its forgiveness portal to lenders on August 10, many lenders are likely to wait, according to banks and experts. This is because the potential for shifting guidance, new legislation and a desire to fully prepare for a flood of applications means that banks do not have much incentive to start immediately.
San Francisco banking giant Wells Fargo said in a statement that it was awaiting additional guidance from the SBA regarding forgiveness and could not confirm a date when it will begin processing forgiveness applications. JPMorgan Chase & Co., the largest single-processor PPP lender, said it will not have its forgiveness process until late August or early September.
Read the full story on cleveland.com’s sister site, Cleveland Business Journal.
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