New SBA Guidelines Worry Banks and Borrowers

As of Friday, May 22, 2020, the Small Business Administration (SBA) released the second version of the Interim Final Rules pertaining to the guidelines on the SBA loan review process. Then one week later, senate passes house bill on June 3rd which again changed the rules on PPP Forgiveness. The everchanging landscape has lenders and borrowers concerned about submitting PPP Forgiveness Applications. LQD Business Finance, a tech-enabled commercial lender recognized that the complicated Paycheck Protection Program (PPP) Forgiveness Application will create challenges for both banks and borrowers and leave banks potentially vulnerable to non-compliance penalties. In response, LQD Business Finance is using their proprietary technology to offer banks and borrowers a service that will increase efficiency and accuracy.