How Fintechs are Helping with PPP Loan Forgiveness

Getting the Paycheck Protection Program up and running was an event unto itself, getting forgiveness right will be an even bigger challenge; first, the rules surrounding forgiveness have not been clear from the start and are still changing today; the program has seen 19 interim final rules filed and 48 FAQs released by the SBA; not only are SMBs faced with a difficult task to ensure their loans are forgiven but lenders are also dealing with a moving target which make the process more complicated; fintechs helped streamline loans and now a batch of fintechs are creating platforms to help with forgiveness; BlueVine, Plaid, PayPal, Biz2Credit and others are aiming to automate and streamline parts of the forgiveness process so companies can be as clear as possible on what to do; “What we are hearing is a desire for that same prioritization and ease of use in the forgiveness process as there was in the application process,” John Pitts, Head of Policy at Plaid, told Business Insider. Business Insider.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.