Brock Blake on Whether PPP Loans Should Be Forgiven

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.