Writing in Forbes, the CEO of Lendio, Brock Blake, argues that small business loans obtained through the Paycheck Protection Program should not be automatically forgiven; there is talk that all loans under the $150,000 should be automatically forgiven, meaning that 86% of all PPP loans would be automatically forgiven; Blake argues that the relief funding needs to be accounted for and that if a business owner did not meet the criteria for forgiveness it should not be the responsibility of the taxpayers to cover them; however, he is in favor of all loans to sole proprietors and self employed individuals be forgiven because it is more difficult for this group to document how they pay themselves. Forbes.
