The U.S. government's Paycheck Protection Program (PPP) has allocated hundreds of billions of dollars in federally guaranteed loans to help businesses maintain or restore their payrolls throughout the COVID-19 pandemic. In a few months, loan forgiveness applications will start coming in, but lenders should begin preparations now.
The checklist below covers key issues for banks and credit unions to consider during this unprecedented time. It also includes specific recommendations from our specialists about the best ways to help borrowers to get through the complex forgiveness process.
Note: Loan forgiveness guidance is not finalized. Details may change in the coming months – monitor sba.gov for further updates and final guidance.