The Consumer Bankers Association, an industry trade group, said letting the government handle loan forgiveness applications would help banks and borrowers move on. The creation of a new PPP forgiveness platform from the SBA will allow more small businesses to focus their time and resources on successfully reopening, while also providing lenders the choice to retain oversight of their customer relationships, association CEO Richard Hunt said in a statement.
The move to a direct forgiveness portal represents a significant departure from how the loan program was designed.
The program relied on banks to manage most aspects of the loans with very little government intervention. This allowed it to move quickly in the early months of the crisis ― far outstripping a parallel government-run program ― as financial institutions of all sorts quickly processed the loans and pocketed fees.
AFSA & CBA caution Senators about expanded use of MLA to create rate cap
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SBA will open new portal for Paycheck Protection Program loan forgiveness
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