SBA Launches Tool for PPP Hold Codes Stalling Applications (1)

The Small Business Administration rolled out a tool to clear much-aggrieved “hold codes” that have barred Paycheck Protection Program applicants from submitting applications.

The hold codes started appearing in January when the pandemic lending program rebooted as a way to curb illicit applications. But in blocking some applications, it also prevented many legitimate businesses from receiving loans.

The new tool uses machine learning technology to sort through which applications may be fraudulent.

The tool will be able to “expedite hundreds of thousands” of applications, Patrick Kelley, SBA Associate Administrator in the Office of Capital Access, said in an interview with ...