CBA Applauds Small Business Relief Measures in Bipartisan COVID Stimulus
CBA Applauds Small Business Relief Measures in Bipartisan COVID Stimulus
WASHINGTON – The Consumer Bankers Association applauded the inclusion of legislation streamlining the forgiveness process for Paycheck Protection Program loans in the latest bipartisan COVID-19 stimulus proposals. The PPP streamlined forgiveness section for loans less than $150,000 pulls from CBA-supported bipartisan, bicameral legislation introduced earlier this year by Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.) and Reps. Chrissy Houlahan (D-Penn.) and Fred Upton (R-Mich.).
“This agreement is a win for millions of small businesses on Main Streets across the country,” said CBA President and CEO Richard Hunt. “Congress should pass immediately this legislation so small businesses can focus on reopening, growing local economies and paying their employees instead of worrying about bureaucratic paperwork. Banks across the country are proud of the work the industry has done during this pandemic to distribute decades of small business loans in a matter of months and look forward to continuing to work with these businesses – the backbones of communities – as they work to have these loans forgiven and to help heal the economic damage caused by this pandemic.
“Senators Cramer, Menendez, Tillis and Sinema and Representatives Houlahan and Upton as well as the more than a hundred cosponsors of the streamline forgiveness legislation should be commended for their dedication to America’s small businesses and the local communities those businesses support.”
According to independent analysis by AQN Strategies, simplified or automatic forgiveness could collectively save the smallest small businesses owners more than $7 billion dollars and hours of paperwork.
CBA has been leading a coalition of more than 100 trade associations representing businesses, non-profits and lenders in calling on Congress to streamline PPP forgiveness to help the smallest businesses receiving PPP loans.
More information on PPP forgiveness is available here.
###
About the Consumer Bankers Association:
The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.
