FINSYNC was included in this piece published by Forbes.com on May 4, 2020
OBSERVATIONS FROM THE FINTECH SNARK TANK
The second round of the Paycheck Protection Program (PPP) launched April 27, with complaints about the Small Business Administration’s (SBA) system to submit loan applications coming almost immediately from bankers. Curt Queyrouze, President of TAB Bank in Utah, tweeted:
“Suspicious that big banks’ xml files are getting processed first. Ninety minutes in and our team of 35 people haven’t been able to submit one successful app (or even stay logged in).”
On April 29, the SBA dedicated an eight-hour window to banks with less than $1 billion in assets and by the end of the week, the furor subsided.
But the headaches for small businesses and banks have only just begun.
The Looming PPP Forgiveness Nightmare
The Treasury’s guidelines for PPP loan forgiveness specify that:
“Loan amounts will be forgiven as long as: 1) Loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and 2) Employee and compensation levels are maintained.”
Easy-peasy right? Maybe not.
To continue reading this post, please visit Forbes.com to view the original article.