Services Perspectives

The Paycheck Protection Program (PPP) is a great example of rapid response that presents long-term challenges. The speed at which the program was implemented and the volume of loans requested presents unprecedented servicing challenges banks will have to meet if they are going to deliver on the promise of the program to help small businesses while maintaining regulatory compliance and avoiding public criticism. Lenders must deal with what is essentially a new loan product with features, processes, and volumes unlike products they are more comfortable dealing with.

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