PPP Loan Forgiveness Effort is Stymied in Senate

Throughout the summer, PIA National advocated for legislation to improve the Paycheck Protection Program (PPP) loan forgiveness process. In recent weeks, we have been working with a loose coalition of business groups to urge the passage of bipartisan legislation introduced by Senator Kevin Cramer (R-ND).  This afternoon, S. 4117, the Paycheck Protection Small Business Forgiveness Act, was brought to the Senate floor as a standalone measure, rather than as part of a larger package. The legislation, which has over 30 bipartisan cosponsors in the Senate, would forgive PPP loans of less than $150,000 following the borrower’s completion of a simple, one-page form. 

As part of our effort, Senator Cramer sought unanimous consent (UC) of his bill on the floor to pass the Senate. A UC would have allowed the bill to pass without the usual numerous and time-consuming Senate procedures time. Given that the Senate is due to be in recess during the month of October, there is not enough time to go through the regular process, hence this attempt to UC the bill.  

Unfortunately, Senator Ben Cardin (D-MD) objected to Senator Cramer’s request, preventing the bill from passing the Senate in an expedited manner. As a result, the legislative calendar will likely not permit this bill to move on its own until after the November elections, unless a deal comes together on a larger, bipartisan COVID-19 relief package. 

Despite Senator Cramer’s bill not passing the Senate today, PIA National will continue to advocate for Congress to pass legislation to provide more COVID-19 relief and, in particular, reforms to the PPP to streamline the loan forgiveness process.