Our Bank is requiring the customers applying for the PPP open a DDA for the funds to help track how the funds are used. The reason is so the bank can easily help the customer apply for the loan forgiveness. I was wondering if other banks are doing and any suggestions would be great. We are very small institution, so I do not have enough account opening staff to handle the volume that we are already getting.
- Be careful about requiring the deposit account - can suggest it but as I have heard on here and on another webinar, we can't require it. We are suggesting it :) Completely understand your motive is to be able to help your customers in the forgiveness process but you do not want to overwhelm yourselves when it comes time to apply for the forgiveness.