news.cuna.org/articles/118170-ppp-forgiveness-bill-would-simplify-process-for-main-street
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PPP forgiveness bill would simplify process for Main Street

July 25, 2020

CUNA fully supports a bill from Rep Chrissy Houlahan (D-P.A.) and Rep Fred Upton (R-Mich.) that would simplify loan forgiveness from the Paycheck Protection Program (PPP). Houlahan and Upton introduced the bill Friday.

“America’s credit unions fully support Reps. Houlahan and Upton’s legislation,” said CUNA President/CEO Jim Nussle. “Instead of jumping through burdensome regulatory hurdles, America’s small business owners and Main Street financial institutions will be able to focus on serving their communities.”

The bill, H.R. 7777, would:

  • Forgive covered PPP loans of less than $150,000, if the borrower submits a simple, one-page attestation form to the lender;
  • The lender shall be held harmless from any enforcement action if the borrower’s attestation contained any falsehoods; and
  • The borrower attestation will include a means by which a borrower, on a voluntary basis, will provide the following demographic information: sex; race; ethnicity; and veteran status of owner.  

CUNA also supports a Senate version of the bill, introduced June 30 by Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.)

According to the Small Business Administration, 3.7 million PPP loans were $150,000 or less. This accounts for approximately 85% of all PPP loans, but only 26% of the program’s dollars.