The American Bankers Association and 51 state bankers associations sent a letter to House leaders in support of H.R. 7777, the Paycheck Protection Small Business Forgiveness Act, a bill sponsored by Reps. Chrissy Houlahan (D-Penn.) and Fred Upton (R-Mich.) that would allow Paycheck Protection Program loans to be forgiven once the borrower fulfill a one-page attestation form.
The bill is expected to significantly reduce the paperwork burden for a vast majority of PPP borrowers. “In addition to relieving these small businesses of the significant time and expenses required by the guidance released, this automatic forgiveness for all loans of $150,000 and under will also relieve SBA from an enormous administrative burden created by millions of requests for forgiveness,” the groups noted. “As the country continues to struggle with the economic consequences of the COVID-19 pandemic, H.R. 7777 will allow SBA to better utilize its limited resources to positively impact our nation’s small businesses.”
ABA also joined a broad group of trade organizations representing a wide range of industries urging House leaders to support H.R. 7777.