The Impact of Confusing Paycheck Protection Program Rules

Businesses as well as those who represent lenders shared their thoughts on the government stimulus program to an oversight board yesterday; part of the problem with the Paycheck Protection Program was that the guidelines were released piecemeal and that caused businesses to be confused on whether they qualified or whether the loans could be forgiven; one representative noted that the lack of clarity also put banks at risk who were making the loans to small businesses; other complaints included that large businesses were given priority since banks could get more revenue from servicing these larger loans; American Banker shares more on PRAC which is also in charge of investigating businesses that received support. American Banker

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