PIA National, along with dozens of allies in the business community, sent a letter November 19 calling on congressional leaders to reform the Paycheck Protection Program (PPP) loan forgiveness process before the end of the year. The letter calls on Congress to pass the Paycheck Protection Program Small Business Forgiveness Act (S. 4117/H.R. 7777), championed by Senator Kevin Cramer (R-ND) and Rep. Chrissy Houlahan (D-PA), as soon as possible during the lame-duck session of Congress currently underway.
The bipartisan legislation would forgive PPP loans of less than $150,000 upon the borrower’s completion of a simple, one-page form. PPP loans of $150,000 and under account for roughly 86 percent of all PPP loans. Expediting the loan forgiveness process for such businesses will ease their burden, freeing them to engage in the essential work required to remain solvent. In addition, the legislation includes hold harmless protections for lenders that originated and currently service PPP loans.
During the lame-duck session, PIA National is continuing our advocacy on matters related to the coronavirus, including urging a second round of PPP funds to be allocated and allowing the program to issue loans again. We are also actively engaged with policymakers to provide a forward-looking solution that would protect the economy in the event of a future pandemic.