The American Bankers Association and 51 state bankers associations today urged the Treasury Department and the Small Business Administration to create a streamlined a Paycheck Protection Program loan forgiveness process. In a letter addressed to Treasury Secretary Steve Mnuchin and SBA Administrator Jovita Carranza, the groups asked that the agencies use their administrative authority to establish a simplified loan forgiveness application process.
“You both have stated on multiple occasions that the goal of the PPP is for these loans to be forgiven,” the groups wrote. “On behalf of our member banks and their millions of small business customers, we urge you to meet that goal and improve the loan forgiveness process for participating small businesses across the country.” The groups also reiterated support for two recently introduced bills, S. 4117, the Paycheck Protection Small Business Forgiveness Act and its House companion, H.R. 7777, “which provide for a streamlined application for loans up to $150,000 based on a single-paged attestation form.”
“With negotiations on a comprehensive COVID-19 relief package stalled, and with the clock ticking before Congress adjourns for an extended period, we urge you to take immediate administrative action on this issue,” the letter said.