As the application period for the paycheck-protection program for small businesses closes, attention is shifting to what needs to be done for the loans to be forgiven.
Insiders said the loan forgiveness process is far more complex than applying was, including a significant amount of documents to be filed by the lender.
The issue is compounded by a lack of clear guidance from regulators about what is needed, including several rule revisions in recent months.
Fintechs such as BlueVine, Plaid, and PayPal have all stepped up to help streamline the process, as was the case during application.
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The launch of the paycheck-protection program for small businesses in April was anything but easy. Standing up a multi-billion dollar program from scratch in the midst of a pandemic provided its fair share of hiccups.
From the first round of funding running out in just two weeks, to publicly traded companies receiving money ahead of small business, applying for a loan wasn’t seamless.
But as the application period comes to a close at the end of June, a more challenging issue has arisen: ensuring the loans are forgiven.
“There’s just a lot …read more
Source:: Businessinsider – Technology