U.S. government simplifies forgiveness process for smallest pandemic aid loans

News

Richard Hunt

rhunt@consumerbankers.com
October 9, 2020

According to a September report by the Government Accountability Office, a watchdog for the U.S. Congress, a loan forgiveness application could take some borrowers 15 hours to complete, and a complex application could take a bank 50-75 hours to review.

The Consumer Bankers Association, a trade group, welcomed the latest measure, but said there was more work to do.

“It is apparent Congressional action is needed for the true streamlined forgiveness mom-and-pop businesses need,” it said in a statement.