The PPP Loan Forgiveness Process: Lessons Learned from the Loan Application Chaos
Most banks and credit unions have managed to weather the worst effects of the pandemic so far. The Small Business Association’s Payroll Protection Program (PPP) was helpful in many respects, at least in terms of limiting the volume of related business closures and employee layoffs.
Financial institutions faced several operational and brand-related challenges as they worked to process the deluge of PPP applications from business owners who were frantic to benefit from the government’s economic lifeline. With 5.2 million loans, worth $525 Billion, issued under the PPP initiative before it expired on August 8th, are banks and credit unions any more prepared to manage the massive loan forgiveness process that’s looming on the horizon? Have those institutions learned anything from the PPP application chaos that will ensure a more effective and less traumatic loan forgiveness experience, both for lenders and business owners?
Read more about what should the PPP forgiveness processing strategy at banks or Credit Unions be based on and how it can be achieved.