The Small Business Administration is facing a mountain of paycheck protection program loan documents and forgiveness applications as “floodgates” open on small businesses asking to forgive their loans.
And it will likely take a toll.
“I think the apology is reaching out as expected – most people expected it to be painful,” said Dan O’Malay, CEO of the business lending automation company Numerte said that reviewing loan documents was a fairly intensive process is. “The first application for apology on our platform contained 2,000 documents. Even a document in a minute, it is a lot of work. “
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