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I don't think favoritism is a concern. The forgiveness guidance is not, to my knowledge, finalized. But what we've seen so far is pretty cut and dried. It's
by eric_b 6y ago
I don't think favoritism is a concern. The forgiveness guidance is not, to my knowledge, finalized. But what we've seen so far is pretty cut and dried. It's possible some people could convince their lender to forgive more than they should - but certainly those meeting the forgiveness criteria will get it.
Corruption and fraud are certainly possible - though the lenders got paid from the government just for originating the loans. That is, they already made their money. There's no extra money in them over-forgiving a loan.
- IG_Semmelweiss 6y agoFavoritism on the part of banks was real. Source - applicant for 4 separate, PPP loans that were eventually awarded. Banks are not stupid. They awarded funds first to their clients that had outstanding loans with them. That meant the banks' own portfolio was not impaired, thanks to influx of PPP