It’s unclear whether Mnuchin was referring to forgiving all loans under the PPP program or only a portion of them. Mnuchin’s remarks came as millions of small businesses are anxiously waiting word on whether their government-subsidized loans will be forgiven. Banks have been asking the government for clearer rules on how loan forgiveness will be handled. The SBA released detailed instructions June 16 showing how borrowers should petition their PPP lenders for loan forgiveness. ADADVelázquez also expressed concerns that the loan programs were not adequately targeted to the smallest businesses, including minority-owned businesses.

Source: Washington Post July 17, 2020 15:28 UTC