[abfunders]

As companies default on these programs, the government will find a way to avoid forgiveness. The owners will be straddled with a debt they cannot pay and it will be on their bank's book. Wait till some of the programs that were given to non-bank clients start to default. The first thing the regulators are going to ask: "Did you follow ALL the KYC and AML rules to open an account for the customer?"

KH

Kevin, I know that my bank emailed all the business clients (myself included) and said that if anyone would like to apply for PPP, they gave a link and told them with no uncertain terms that any business who applies must open a new account (even current clients), and then use that account to pay payroll moving forward on the program if accepted. Still doesn't solve every problem, but smarter banks are trying to control / segregate the bookkeeping.