Politico reported on the frustrations of community banks and other lenders with the Paycheck Protection Program's loan-forgiveness process.
PPP loan-forgiveness problems make news
September 29, 2020 / By ICBA
Politico reported on the frustrations of community banks and other lenders with the Paycheck Protection Program's loan-forgiveness process.
Politico reported on the frustrations of community banks and other lenders with the Paycheck Protection Program's loan-forgiveness process.
The report notes that while policymakers pledged to forgive PPP loans if employers maintained payroll, the SBA has yet to forgive any of the program's $525 billion in loans, which is creating headwinds for borrowers and lenders.
“No bank I know anywhere in the country has received any money from the SBA," said Brad Bolton, ICBA vice chairman and president and CEO of Community Spirit Bank in in Red Bay, Ala.
ICBA continues urging community bankers to call their members of Congress and urge support for legislation to simplify PPP loan forgiveness. The bipartisan Paycheck Protection Small Business Forgiveness Act (H.R. 7777/S. 4117) would provide simplified forgiveness for PPP loans of $150,000 or less.
ICBA last week continued its campaign for simplified forgiveness in a written statement for a House subcommittee hearing, noting a Government Accountability Office report that complex PPP forgiveness applications could take up to 15 hours for borrowers to complete and 75 hours for lenders to review.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
