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12-09-2022, 12:29 PM #15
- Join Date
- Mar 2015
- Location
- Boynton Beach
- Posts
- 3,484
This will go on for a while. The Feds will seek out fraud first related to fintech and low forgiveness rate institutions. The next shoe to drop thereafter will be the Feds going after banks who gave PPP to new customers. They will pop them for know your customer rules.
A LOT of banks declined PPP to companies that were NOT already bank customers due to know your customer rules and they were busy obtain funds for companies that were already clients. Smart banks that were able to obtain PPP for their clients required the funds be help in a separate account and used for intended purposes only.....mainly payroll. It made it MUCH easier to track and get forgiveness.Kevin Henry
VP-Business Development
Seacoast Business Funding, a division of Seacoast Bank
561-850-9346
Kevin.Henry@SeacoastBF.com
1880 N Congress Ave., Suite 404
Boynton Beach, FL 33426