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NewsBriefs

This article contains excerpts from news stories recently posted under Breaking SBA unveils simplified PPP
Industry News on our homepage. For links to these and other full news stories, forgiveness process
please visit www.greensheet.com/breakingnews.php.
If your business received a Paycheck Protection
Program loan for $50,000, or less, you're in luck:
the Small Business Administration simplified the
forgiveness process for your loan. The PPP, en-
acted as part of the Coronavirus Aid, Relief and
Economic Security Act, provided $525 billion in
potentially foregiveable loans to help business-
es hard hit by the coronavirus keep workers on
IoT device + digital wallet, OV Valet taps legacy POS payroll. However, many lending banks and bor-
rowers have complained the process for seeking
OV Loop, a technology company focused on communications and loan forgiveness is complex, requiring borrow-
commerce, added OV Valet to its growing family of messaging
and commerce solutions. Designed to drive frictionless, touchless ers to complete extensive applications and pro-
vide reams of documentation. In response, the
checkouts across mobile, in-store and in-app channels, the solu-
tion is being promoted on Indiegogo, noted Will Graylin, chair- SBA and the Treasury Department instituted a
new, simpler process for getting PPP loans up to
man, CEO and founder of OV Loop. He mentioned that OV Valet
can replace physical cards, which are costly to manage, and the $50,000 forgiven.
secure digital wallet works in a majority of existing POS systems, Experts spot second surge
using both near field communication and magnetic secure trans- of COVID-related fraud
mission, an alternative contactless technology developed by OV
Loop co-founder George Wallner in 2013. Criminal investigators are warning consumers to
be especially cautious when applying for loans
and shopping online. The Federal Trade Com-
mission issued a series of directives on its web-
site in response to escalating attacks by criminals
posing as contact tracers, Payroll Protection Plan
(PPP) lenders, auto traders and philanthropic
We’re More Than an Authorization organizations. These malicious attacks exploit

We’re The Best Solution For You and Your Merchants concerns for health, safety and financial wellbe-
ing, FTC representatives stated. Noting that le-
gitimate contact tracers would normally request
health information but not money, the FTC is urg-
ing people not to respond to texts, emails or calls
about government checks, contact tracing or test
kits in the Avoid Coronavirus Scams section of
its website.
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