Ron Busby and Brock Blake both shot plenty of criticism at the Small Business Administration last year over its handling of the Paycheck Protection Program. Now, they agree: The PPP might be experiencing its first smooth rollout.
On Monday, the SBA and the Treasury Department pre-launched the newest round of the forgivable loan program to specifically help "underserved small businesses" that were unable to secure PPP loans last year. So far, the program has been open only to lenders like Community Development Financial Institutions (CDFIs) and microloan intermediaries--which typically work with smaller businesses than traditional banks. Read full story.