Problems with Obama-era HAMP were that (1) as thinly-resourced, fast-moving payment processors, servicers were incapable of handling credit writedowns and (2) they profited when homeowners were in duress, lost money with writedowns.

PPP problems are different, maybe worse. (1/3)

Here we want (1) fast-and-wide movement, which invites fraud through loaning too much, which banks don't want to eat the liability of, (2) thin margins, the goal is to move cash far more than market-rate loans to small businesses, but the banks want margins to participate. (2/3)

Almost opposite of HAMP; we want banks to just process here letting the government eat the risk, a replacement for administrative mechanisms or labor organizations. Banks want to make loans and do bank things. But this isn't a loan crisis, it's an income maintenance crisis. (3/3)