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 businesses owners who were frantic to benefit from the government?s economic lifeline. Some of those banks and credit unions ramped up their underwriting st...