(Press Release, June 15, 2020)
WASHINGTON – Friday, U.S. Senators for Idaho Jim Risch and Mike Crapo sent a bipartisan letter to Treasury Secretary Steven Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza urging the administration to ease paperwork requirements for small businesses seeking loan forgiveness under the Paycheck Protection Program (PPP). The letter, which was led by U.S. Senator Mike Rounds (R-S.D.) and signed by 44 senators, specifically requests that the loan forgiveness application for loans under $250,000 be no longer than one page in length.
“When Congress created the PPP, its purpose was clear: get immediate funding into the hands of small business owners impacted by the COVID-19 pandemic so their employees could stay on the payroll and maintain benefits and so that businesses could resume normal operations as soon as it was safe to do so. Given the innumerable challenges that small business owners face, PPP loans were designed to be forgiven to prevent small business owners from incurring additional debt, provided employees were kept on payroll,” the senators wrote.
“The Administration’s intentions to scrutinize PPP loans above $2 million is an appropriate oversight of taxpayer resources,” the senators continued. “Failing to streamline the loan forgiveness application for loans that are worth a mere fraction of that will not only leave millions of small business owners without the relief that they were promised by Congress, but it will also introduce a needless complication to our nation’s economic recovery.”
The letter can be found here
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