09/28/2020 | Press release | Distributed by Public on 09/28/2020 20:54
CBA Statement on PPP Language in House Stimulus
WASHINGTON - Consumer Bankers Association President and CEO Richard Hunt issued the following statement after Democrats in the House of Representatives released COVID-19 stimulus legislation, which outlined a new process for Paycheck Protection Program loan forgiveness:
'Instead of coming up with complicated, multitiered, burdensome government process for struggling small businesses, Congress should take up and immediately pass bipartisan legislation supported by a third of the Senate and nearly 100 Members of Congress to streamline the forgiveness process for mom-and-pop businesses who received Paycheck Protection Program loans.
'Congress started PPP as a lifeline for small businesses and their employees, now they must finish the job.'
NOTE: The bipartisan House and Senate legislation, H.R. 7777 with 31 sponsors and S. 4117 with 96 sponsors, introduced by Reps. Chrissy Houlahan (D-Penn.) and Fred Upton (R-Mich.) and Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.),calls for streamlined forgiveness of PPP loans less than $150,000 if the borrower answers a simple, one-question attestation the funds were used in accordance to PPP guidelines to retain employees. Nothing in the legislation prevents the audit of PPP loans less than $150,000 for fraud. According to independent analysis by AQN Strategies, simplified or automatic forgiveness could collectively save the smallest small businesses owners more than $7 billion dollars and hours of paperwork.
About the Consumer Bankers Association:
The Consumer Bankers Association represents America's leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA's corporate member institutions account for 1.7 million jobs in America,