CBA Statement on PPP Provisions in COVID-19 Relief Package
CBA Statement on PPP Provisions in COVID-19 Relief Package
Streamlined forgiveness a win for small businesses;
SBA should finalize all guidance before reopening program to avoid confusion
WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Congressional negotiators announced an agreement on additional COVID assistance measures, which includes key provisions to streamline the forgiveness process for Paycheck Protection Program loans as well as reopen PPP lending facilities:
“This agreement is an overdue victory for millions of small businesses on Main Streets across the country. Instead of worrying about bureaucratic paperwork, businessmen and women can focus on reopening, growing local economies and paying their employees. Banks across the country are proud of the work thousands of bankers have 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 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 streamlined forgiveness legislation should be commended for their efforts and dedication to America’s small businesses and the local communities those businesses support.
“As the Small Business Administration prepares to reopen the PPP portal, banks have already started preparing to offer additional assistance to local small businesses as quickly as possible. It is critical, however, SBA issues all final guidance and rules before the program reopens so every eligible business can participate. Changing the rules midcourse will add confusion and potentially discourage small businesses from accessing needed relief.”
NOTE: 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 150 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.
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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.
