Small-Business Loans Will Be Forgiven, but Don’t Ask How

News

Richard Hunt

rhunt@consumerbankers.com
October 9, 2020

Lenders said the change was a start but did not go far enough. The Consumer Bankers Association, an industry group, renewed its call for all loans under $150,000 to be automatically discharged.

“It’s almost a nightmare to go through the forgiveness process as it is now written,” Richard Hunt, the group’s chief executive, said. “You have millions of small businesses in crisis, some going under, and Congress is not there in their time of need.”