ABA, State Associations Urge Passage of Streamlined PPP Forgiveness House Bill
August 3, 2020
ABA and the state associations also sent a letter to House leaders in support of H.R. 7777, the Paycheck Protection Small Business Forgiveness Act, a bill sponsored by Reps. Chrissy Houlahan (D-Penn.) and Fred Upton (R-Mich.) that would allow PPP loans to be forgiven once the borrower completes a one-page attestation form.
The bill is expected to significantly reduce the paperwork burden for the vast majority of PPP borrowers. “In addition to relieving these small businesses of the significant time and expenses required by the guidance released, this automatic forgiveness for all loans of $150,000 and under will also relieve SBA from an enormous administrative burden created by millions of requests for forgiveness,” the groups noted. “As the country continues to struggle with the economic consequences of the COVID-19 pandemic, H.R. 7777 will allow SBA to better utilize its limited resources to positively impact our nation’s small businesses.”
ABA also joined a broad group of trade organizations representing a wide range of industries urging House leaders to support H.R. 7777. Read the state associations’ letter. Read the coalition letter.