SBA streamlines forgiveness for PPP loans of $50,000 or less

News

Richard Hunt

rhunt@consumerbankers.com
October 9, 2020

Trade groups for banks and credit unions have lobbied hard for simplified forgiveness. They showed no inclination of abandoning their efforts after the SBA's announcement late Thursday.

Consumer Bankers Association President and CEO Richard Hunt called the streamlined application a move in the right direction, but he said it didn’t exempt enough borrowers and was still too complicated.

“This newest process still requires a significant investment of time and resources from small-business owners, resources which could be better spent paying their employees and supporting local economies,” Hunt said in a press release.

“While we appreciate SBA and Treasury attempting to streamline the forgiveness process, it is apparent congressional action is needed for the true streamlined forgiveness mom-and-pop businesses need,” Hunt added.