"There's just a lot of complexity, a multiple of the complexity, on the forgiveness side as compared to the origination side," Peter Davis, EY Americas financial services advisory leader, told Business Insider. But even as applications continue to roll in, a more challenging issue has arisen: ensuring the loans are forgiven. With $130 billion in funding still remaining, President Donald Trump signed a bill on July 4 extending the application period to August 8. Standing up a multi-billion dollar program from scratch in the midst of a pandemic provided its fair share of hiccups.įrom 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. The launch of the paycheck-protection program for small businesses in April was anything but easy. This story was originally published June 22. Sign up here for our Wall Street Insider newsletter.Fintechs such as BlueVine, Plaid, and PayPal have all stepped up to help streamline the process, as was the case during application.
The issue is compounded by a lack of clear guidance from regulators about what is needed, including several rule revisions in recent months.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 application period for the paycheck-protection program for small businesses has been extended into August, but attention is shifting to what needs to be done for the loans to be forgiven.Account icon An icon in the shape of a person's head and shoulders.
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