Issues and potential solutions relating to the Paycheck Protection Program (PPP) created under a recently enacted law related to the coronavirus (COVID-19) pandemic will be discussed over the course of three listening sessions to be held by phone April 16 (Thursday), 20, and 21 by the Office of the Comptroller of the Currency (OCC).
The PPP is administered by the Small Business Administration (SBA) to encourage small businesses facing pressures during the pandemic to keep their workers on the payroll.
The OCC, in its announcement Tuesday, said its listening sessions are used to inform the OCC and participants about emerging topics, issues, or concerns of stakeholders such as banks and nonbanks, including financial technology (fintech) companies. Those interested in providing their views during the April sessions will need to contact the OCC Office of Innovation at email@example.com and indicate which call they want to participate in.
The calls will address three aspects of the PPP: payroll verification, fraud identification, and backend processes, the agency said. Details are as follows:
- Payroll verification, April 16 (11 a.m. – 1 p.m. ET): The OCC seeks to facilitate discussion around methods to increase the speed and efficiency of payroll verification for PPP loans during loan application and monitoring processes.
- Fraud identification, April 20 (1 – 3 p.m. ET): The OCC seeks to facilitate discussion around solutions that will enable entities to more effectively and efficiently identify fraudulent uses of the PPP, including loan stacking (i.e., receiving PPP loans from more than one lender).
- Backend processes, April 21 (1 – 3 p.m. ET): The OCC seeks to facilitate discussion around solutions addressing potential challenges entities may face monitoring PPP loans and during the loan forgiveness process.
Potential solutions, the agency said, may include new products or services (including those developed by fintech companies), partnerships between a bank and fintech company, or other approaches related to responsible innovation in the federal banking system.