PPP Forgiveness Calculation Discrepancies
With the new flexibility rules announced in PPP, lenders and businesses see increased flexibility, but it’s much more important to get the forgiveness calculation right. Why? Because anything not forgiven will be a 1% loan. Both banks and borrowers must agree on the term of the loan.
Boss Insights uncovered three key areas that can dramatically affect a borrower’s forgiveness amounts. With so much uncertainty, many are waiting for more guidance. With an automated PPP Forgiveness platform, such guidance can be applied instantaneously, and these issues are avoided, enabling a more streamlined borrower experience.
Boss Insights’ describes:
2. Safe harbor Case
3. Two Calculation Approach
Boss Insights’ API Hub offers instant forgiveness calculations in three steps. With anything short of true data automation, legislative changes will lead to more work. With our API hub, lenders and borrowers do the work once.
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Originally published Jun 18, 2020, updated Jun 19, 2020