NAFCU joined with more than 100 trade groups – representing financial services, small businesses, and other key industries – in a letter Thursday urging congressional leaders to “immediately address the overburdensome Paycheck Protection Program (PPP) forgiveness process before the end of the year.”
“Congress can solve this problem and inject the equivalent of $7 billion into our economy by passing bipartisan, common-sense legislation to streamline PPP forgiveness for small businesses on Main Street in communities across the country,” the groups wrote.
The trades specifically asked for Congress to take up bipartisan legislation that has been introduced in both the House and Senate – H.R. 7777 and S. 4117 – that would reduce small businesses’ compliance costs associated with the forgiveness process, provide protections and relief for PPP lenders, and create regulatory certainty for PPP loans.
The NAFCU-supported legislation would provide automatic forgiveness of PPP loans under $150,000 after the borrower completes a simple, one-page forgiveness document.
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