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Big ‘I’ Continues PPP Advocacy

The Big “I” joined a number of organizations this week in sending letters to the Trump administration and congressional leaders on the Paycheck Protection Program's overly burdensome loan forgiveness process for small business owners.
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big ‘i’ continues ppp advocacy

This week, the Big “I" joined a number of organizations in sending a series of letters to the Trump administration and congressional leaders regarding the Paycheck Protection Program (PPP). Each of the letters focuses on the program's overly burdensome loan forgiveness process.

First, on Tuesday, more than 80 organizations sent letters to the U.S. Small Business Administration (SBA), the U.S. Department of Treasury and congressional leadership alerting them to the business community's concerns about a new review process for PPP loans, which includes the “Loan Necessity Questionnaires," established by the SBA and Treasury. 

Unfortunately, the questionnaires introduce a confusing and burdensome process for both borrowers and lenders, and we are concerned that it could lead the agencies to unnecessarily question thousands of qualified PPP loans made to struggling small businesses.

Under the new requirements, PPP borrowers with loans of $2 million or greater must complete one of two versions of the new Loan Necessity Questionnaire—SBA forms 3509 (for-profit entities) or 3510 (non-profit entities)—and provide extensive documentation supporting their responses. It is important to note that currently the questionnaires only apply to loans of $2 million and greater that have been submitted to SBA for forgiveness. However, without clear guidance in an interim final rule, the business community is concerned about what types of review processes could be imposed on other borrowers.

Additionally, the Big “I" signed another letter advocating for Congress to simplify the loan forgiveness process for small businesses. This letter urges Congress to pass S. 4117 and H.R. 7777, the “Paycheck Protection Program Small Business Forgiveness Act," sponsored by Sens. Kevin Cramer (R-North Dakota) and Kyrsten Sinema (D-Arizona) in the Senate, and Reps. Chrissy Houlahan (D-Pennsylvania) and Fred Upton (R-Michigan) in the House.

This important legislation would ensure small business owners who took PPP loans, including Big “I" members, can focus their time, energy, and resources back into their business and communities instead of allocating significant time and resources into completing complex PPP forgiveness forms. Specifically, this bipartisan legislation would forgive PPP loans of less than $150,000 upon the borrower's completion of a simple, one-page forgiveness document.

Wyatt Stewart is Big “I" assistant vice president of federal government affairs.

Thursday, November 19, 2020
On the Hill