CBA Statement on Potential COVID Stimulus

November 4, 2020
Nick Simpson

CBA Statement on Potential COVID Stimulus

Streamlined PPP forgiveness would “amount to an additional $7 billion small businesses can use to keep workers on payroll and local economies on the road to recovery.”

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Senate Majority Leader Mitch McConnell (R-Ky.) called for additional COVID stimulus:

 

“We applaud Sen. McConnell’s comments on the need for additional COVID-related stimulus before the end of the year.

“When Congress returns next week, we would encourage them immediately take up the bipartisan legislation in the House and Senate to streamline PPP forgiveness for the smallest businesses in the country. Doing so would collectively amount to an additional $7 billion small businesses can use to keep workers on payroll and local economies on the road to recovery.”

                                                                              

NOTE: 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.) have introduced legislation S. 4117 and H.R. 7777 streamlining forgiveness of PPP loans less than $150,000 if the borrower answers a simple, one-question attestation the funds were used in accordance to PPP guidelines to retain employees. Nothing in the legislation prevents the audit of PPP loans less than $150,000 for fraud. 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.

 

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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.