CBA Statement on PPP Streamlined Forgiveness UC

September 30, 2020
Nick Simpson

 

CBA Statement on PPP Streamlined Forgiveness UC

 

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“Small businesses need practical forgiveness solutions now, not months from now”

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“We are disappointed some Senators chose to stand in the way of helping small businesses in their states.”

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WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Sen. Kevin Cramer (R-N.D.) offered a unanimous consent agreement on the bipartisan Paycheck Protection Small Business Forgiveness Act (S. 4117), which is supported by a third of the U.S. Senate and more than 100 associations  representing millions of businesses, nonprofits, banks, credit unions, and financial institutions of all sizes:

 

"Negotiations on additional COVID stimulus have gone on for months with no deal in sight. Small businesses need practical forgiveness solutions now, not months from now.

 

“Small businesses and lenders appreciate Sens. Cramer, Menendez, Tillis, Sinema and the other bill sponsors but we are disappointed some Senators chose to stand in the way of helping small businesses in their states.

 

“Congress is still in town for a few days and they should use this time to pass this common-sense, bipartisan legislation.”

 

NOTE: S. 4117 has 31 sponsors and was introduced by Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.). The legislation and its House companion, H.R. 7777, calls for streamlined 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.