Senators Call on SBA, Treasury to Streamline PPP Forgiveness Process

A bipartisan group of senators on Friday wrote to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza calling for a more streamlined Paycheck Protection Program forgiveness application process for small firms. Specifically, they advocated for a simplified, one-page forgiveness application for any loan under $250,000.

In a separate letter, a group of Senate Democrats urged several changes to the forgiveness process, including a streamlined forgiveness process for low-dollar loan amounts that would involve a simple attestation; a safe harbor for lenders to accept borrower certifications for these loans; online tools and resources to help small businesses and nonprofits navigate the forgiveness process; and a help line for borrowers to contact if they experience challenges.

ABA continues to support efforts to streamline the PPP forgiveness process.