PIA Seeks to Simplify PPP Loan Forgiveness Process
On July 9 PIA National was joined by over 100 business groups on a letter of support for S. 4117, the Paycheck Protection Program Small Business Forgiveness Act, sponsored by Senators Kevin Cramer (R-ND) and Kyrsten Sinema (D-AZ).
Businesses that have received Paycheck Protection Program (PPP) loans can apply for loan forgiveness if they abide by certain rules. This bipartisan legislation would ensure our nation’s small business owners can focus their time, energy, and resources back into their business and communities instead of allocating significant time and resources into completing complex forgiveness forms.
The bill would forgive PPP loans of less than $150,000 upon the borrower’s completion of a simple, one-page forgiveness document. PPP loans of $150,000 and under account for 85 percent of total PPP recipients, but less than 26 percent of PPP loan dollars. Expediting the loan forgiveness process for many of these hard-hit small businesses will save small business owners countless hours of paperwork. PIA National will continue to encourage improvements to the PPP and/or the creation of a COVID-19 recovery fund for businesses.