ABA and more than 100 trade groups urged Congress to address the “overburdensome” Paycheck Protection Program forgiveness process before the end of the year. In a letter to congressional leaders, the groups said “Congress can solve this problem and inject the equivalent of $7 billion into our economy by passing bipartisan, common-sense legislation to streamline PPP forgiveness for small businesses on Main Street in communities across the country.”
The groups wrote in support of two bipartisan bills, S. 4117, sponsored by Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.), and H.R. 7777, a House companion bill sponsored by Reps. Chrissy Houlahan (D-Pa.) and Fred Upton (R-Mich.). Both bills would forgive PPP loans of less than $150,000 upon the borrower’s completion of a one-page document.
“The PPP forgiveness process has already begun for banks and will continue for them and for millions of American businesses in the coming months,” the groups wrote. “Businesses have been patiently awaiting for Congress to act, hoping that an improved and streamlined forgiveness process will ensure they can focus their time, energy, and resources back into their business and communities instead of allocating significant time and expense.”