Bipartisan Paycheck Protection Program (PPP) forgiveness legislation should be included in the current pandemic relief package being negotiated in the Senate, CUNA wrote Senate Majority Leader Mitch McConnell (R-Ky.) Wednesday. The Paycheck Protection Program Small Business Forgiveness Act (S. 4117) was introduced by Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.) June 30.
“S. 4117 would ensure those businesses can focus their time, energy, and resources back into their business and communities instead of allocating significant time and resources into completing complex forgiveness forms,” the letter reads.
Specifically, S. 4117would simplify forgiveness for covered PPP loans of less than $150,000.
“PPP loans of $150,000 and under account for 87% of total PPP recipients, but less than 28% of PPP loan dollars. Expediting the loan forgiveness process for many of these hard-hit businesses would save more than $7 billion and hours of paperwork,” the letter reads. “America’s credit unions have issued thousands of PPP loans to help small business owners recover from the impact of the pandemic. For the country’s smallest credit unions, that amounts to over 60,000 loans averaging just $49,000—a true measure of just how crucial this program has been to the mom and pop organizations that keep Main Street resilient.”
Reps. Chrissy Houlahan (D-Pa.) and Fred Upton (R-Mich.) introduced a House companion bill July 25.