The Big “I" continues to advocate for simplifying the loan forgiveness process for small businesses as the Small Business Administration begins approving applications.
This week, the Small Business Administration (SBA) announced that it began approving Paycheck Protection Program (PPP) loan forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers.
The SBA noted it, “will continue to review all PPP forgiveness applications in an expeditious manner." There are several requirements that businesses must meet to have their loan forgiven, including that at least 60% of the loan must have been used for payroll expenses.
As the SBA begins approving loan forgiveness applications, the Big “I" continues to advocate for simplifying the loan forgiveness process for small businesses. The Big “I" is urging Congress to pass S. 4117, the “Paycheck Protection Program Small Business Forgiveness Act," sponsored by Sen. Kevin Cramer (R-North Dakota) and Sen. Kyrsten Sinema (D-Arizona).
This important legislation would ensure our nation's 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, S. 4117 would forgive PPP loans of less than $150,000 upon the borrower's completion of a simple, one-page forgiveness document.
In September, the Big “I" joined a number of organizations in sending a letter to Senate Majority Leader Mitch McConnell (R-Kentucky) and Senate Minority Leader Chuck Schumer (D-New York) urging support for the “Paycheck Protection Program Small Business Forgiveness Act."
Wyatt Stewart is Big “I" assistant vice president of federal government affairs.