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Amid Legislative Impasse, CBA Calls on Congress to Pass Standalone Streamlined PPP Forgiveness Legislation
On Tuesday, October 20, 2020, CBA President and CEO Richard Hunt issued the following statement after the Senate held procedural votes on COVID-19 stimulus and Paycheck Protection Program legislation:
“While a bipartisan agreement remains elusive for Congress, small businesses are facing an uncertain economic future. The lifelines they received through PPP loans are becoming a knot of red tape and costly paperwork – forcing businesses to use limited savings to complete a complex forgiveness process instead of working to keep employees on payroll and local economies running.
“Congress should not leave town without passing bipartisan streamlined forgiveness legislation supported by nearly a third of both the Senate and House. This common-sense approach would amount to a $7 billion injection into our economy and provide immediate assistance to mom-and-pop businesses in every community across the country.”