Sean Girdwood, co-chair of the Finance Industry team, is quoted in the Pittsburgh Business Times article, "Push continues for blanket forgiveness of PPP loans."
“Such blanket forgiveness provisions would save the PPP loan recipients, the lenders of such PPP loans and the SBA substantial time and money and allow them to focus on the larger PPP loans and assessing whether such loans qualify for forgiveness,” Girdwood said.
But there are also some less than positive aspects.
“The obvious drawbacks are that you could have PPP loans forgiven for PPP loan recipients who misused the PPP loan proceeds or otherwise gamed the system to get what some viewed as free money," Girdwood said. "Additionally, as we draw closer to election day, the increasing federal debt has the potential to be a lightning rod for some candidates. A blanket forgiveness model will add to the overall debt numbers."