Coalition Letter of Support - S. 4117, “The Paycheck Protection Program Small Business Forgiveness Act”

July 9, 2020



The Honorable Marco Rubio


Committee on Small Business & Entrepreneurship              

U.S. Senate

428A Russell Senate Office Building

Washington, D.C. 20510


The Honorable Ben Cardin

Ranking Member

Committee on Small Business & Entrepreneurship

U.S. Senate

428A Russell Senate Office Building

Washington, D.C. 20510


The Honorable Nydia M. Velázquez


Committee on Small Business

U.S. House of Representatives

2302 Rayburn House Office Building

Washington, D.C. 20515


The Honorable Steve Chabot

Ranking Member                                           

Committee on Small Business

U.S. House of Representatives

2371 Rayburn House Office Building

Washington, D.C. 20515


Dear Chairman Rubio, Chairwoman Velázquez, and Ranking Members Cardin and Chabot:


The undersigned trade associations representing thousands of small businesses, banks, credit unions, financial institutions, and employees strongly support S. 4117, “The Paycheck Protection Program Small Business Forgiveness Act”, sponsored by Senators Kevin Cramer, Bob Menendez, Thom Tillis and Kyrsten Sinema. The Paycheck Protection Program (PPP), established by Congress in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, has provided millions of small businesses the economic relief they need to meet the challenges posed by the COVID-19 crisis. 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.


In order to help our nation’s smallest businesses, we urge Congress to quickly pass this legislation that 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 86 percent of total PPP recipients, but less than 27 percent of PPP loan dollars. Expediting the loan forgiveness process for many of these hard-hit businesses will save more than $7 billion dollars and hours of paperwork.


Data provided in an independent analysis by AQN Strategies (AQN) has shown an estimated benefit of issuing auto-forgiveness for various loan size thresholds.[1] AQN anticipates the combined resource requirements of operators’ time and/or third-party expenses to represent an effective cost of $2,000-$4,000 for each business that applies for forgiveness, requiring 20-100 hours of focused time from key leaders of these businesses. With an average loan size of less than $19,000 for the smallest 60 percent of loans, this estimate would represent 10-20 percent of the loan amount itself, which is otherwise intended to support payroll, rent, and other obligations necessary to keep businesses alive and ready to restart. In addition, AQN’s analysis suggests that the cost to businesses and lenders would be lower than the cost for the government to auto-forgive loans.


Small businesses and their employees are the backbone of our nation’s economy and communities. Their time and resources would be better focused on getting the economy safely back up and running, not processing burdensome paperwork. We strongly support S. 4117 and look forward to working with you, the Committee, and the 116th Congress to pass this bill and have it signed into law. Thank you for your strong, common sense leadership on such a critical issue.





Aeronautical Repair Station Association

Agricultural Retailers Association

AICC, The Independent Packaging Association

Air Conditioning Contractors of America

American Bankers Association

American Dental Association

American Farm Bureau Federation

American Financial Services Association

American Foundry Society

American Hotel & Lodging Association

American Land Title Association

American Road & Transportation Builders Association

American Society of Media Photographers

American Staffing Association

Asian American Hotel Owners Association

Associated Equipment Distributors

Associated General Contractors of America

Associated Industries of Massachusetts

Associated Wire Rope Fabricators

Association of Kentucky Fried Chicken Franchisees

Association of Small Business Development Centers

Association for Enterprise Opportunity

Auto Care Association

Bank Policy Institute

Brick Industry Association

Building Owners and Managers Association (BOMA)

California Association of Breakfast & Boutique Inns

California Association for Micro Enterprise Opportunity

California Hotel & Lodging Association

CAMEO - California Association for Micro Enterprise Opportunity

Commercial Food Equipment Service Association Inc (CFESA)

Community Development Bankers Association

Consumer Bankers Association

Credit Union National Association

Decorative Hardwoods Association

Electronics Representatives Association

Electronic Transactions Association

Financial Innovation Now (FIN)

Financial Services Forum

Foodservice Equipment Distributors Association (FEDA)

Global Cold Chain Alliance


Golf Course Supertendents Association of America

Hispanic Metropolitan Chamber

Home Furnishings Association

Hotel Association of Los Angeles

HUBZone Contractors National Council

Impact Hub Houston


Independent Community Bankers of America

Independent Cosmetic Manufacturers and Distributors (ICMAD)

Independent Electrical Contractors

Independent Insurance Agents & Brokers of America

Independent Lubricant Manufacturers Association

Independent Office Products & Furniture Dealers Alliance

Innovate Coalition

Innovative Lending Platform Association

International Franchise Association

International Sign Association

Leading Builders of America

Kansas Global Trade Services, Inc.

Long Beach Hospitality Alliance

MarketPlace Lending Association

Mid-Size Bank Coalition of America

Manufacturer & Business Association

Manufactured Housing Institute

Modular Building Institute

Motor & Equipment Manufacturers Association (MEMA)

North American Association of Food Equipment Manufacturers (NAFEM)  

National ACE

National Association of Chemical Distributors

National Association of Home Builders

National Association of REALTORS®

National Association of Federally-Insured Credit Unions

National Association of Professional Employer Organizations

National Association of Professional Insurance Agents

National Association of the Remodeling Industry

National Association for the Self-Employed

National Association of Surety Bond Producers

National Association for Surface Finishing

National Association of Trailer Manufacturers

National Automatic Merchandising Association (NAMA)

National Bankers Association

National Beer Wholesalers Association

National Center for American Indian Enterprise Development

National Community Pharmacists Association

National Cotton Council

National Electrical Contractors Association

National Electrical Manufacturers Representatives Association (NEMRA)

National Independent Automobile Dealers Association

National Limousine Association

National Marine Distributors Association

National Mining Association

National Office Products Alliance

National Restaurant Association

National Retail Federation

National RV Dealers Assn (RVDA)

National Wooden Pallet and Container Association

North American Association of Food Equipment Manufacturers

North Carolina Bankers Association

Office Furniture Dealers Alliance

Opportunity Finance Network

Outdoor Power Equipment and Engine Service Association

Page 30 Coalition

Painting Contractors Association

Partners for Rural Transformation

Pet Industry Distributors Association

Petroleum Marketers Association of America (PMAA)

Professional Beauty Association (PBA)

Promotional Products Association International (PPAI)

Prosperity Now

Secondary Materials and Recycled Textiles Assoc. (SMART)

Security Industry Association

Service Station Dealers of America and Allied Trades (SSDA-AT)

Small Business Council of America (SBCA)

Small Business Legislative Council (SBLC)

Small Business Investor Alliance

Small Business Majority

Small Business Roundtable

Society of Collision Repair Specialists (SCRS)

Southwest Cable Communications Association

Specialty Equipment Market Association

Specialty Tools & Fasteners Distributors Association (STAFDA)

Texas Bankers Association

The Latino Coalition (TLC)

The Society of American Florists

The Transportation Alliance

The Water Quality Association

Tire Industry Association

United Veterinary Services Association (UVSA)

U.S. Asian Pacific American Chamber of Commerce and Entrepreneurship

U.S. Black Chambers

U.S. Chamber of Commerce

U.S. Hispanic Chamber of Commerce

Virginia Asian Chamber of Commerce

Virginia Bankers Association

Virginia Small Business Partnership

Washington Retail Association

Wine & Spirits Wholesalers Association

Women Impacting Public Policy (WIPP)

World Floor Covering Association

Young Audiences Arts for Learning





[1]Ben Sabloff, Jason Ford, Gaby Garcia, “Is It Easier to Ask for Forgiveness Than Permission? Not for PPP Loans Under $150K” AQN Strategies, June 1, 2020,