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Government Accountability Office Predicts Trouble with PPP Loan Forgiveness

The Government Accountability Office (GAO) released a new report Monday warning of potential delays and bureaucratic difficulties for businesses attempting to convert their Paycheck Protection Program (PPP) loans into forgivable grants.

As of September 8, the Small Business Association (SBA) has processed and forgiven only 56,000 of the more than 5.2 million loans distributed through the PPP. The U.S. House Small Business Committee will meet this week to discuss concerns about the Paycheck Protection Program and hopefully formulate a plan to streamline loan forgiveness applications.