Exactly. It was a best effort move to reduce fraud and exploitation while still providing the desired benefits. You had to wager that the loan would be forgiven and you had to be approved for the loan by an established lender.
Heart-breaking stories aside, it would have taken far more time and money to roll out a new government bureaucracy merely to duplicate a vetting service banks already provide.
Heart-breaking stories aside, it would have taken far more time and money to roll out a new government bureaucracy merely to duplicate a vetting service banks already provide.