July 22, 2020
WASHINGTON – Yesterday, U.S. Senator Roy Blunt (Mo.) signed on as a cosponsor of the Paycheck Protection Small Business Forgiveness Act. This bipartisan bill, introduced by U.S. Senator Kevin Cramer (ND), will streamline forgiveness of Paycheck Protection Program loans for small businesses.
“The Paycheck Protection Program has been a lifeline for workers and small businesses in Missouri and states across the nation,” said Senator Blunt. “This bill eliminates burdensome red tape to make it easier for employers to use their PPP loans to keep workers on the payroll and help businesses bounce back quickly.”
“We appreciate our colleagues signing on to this important legislation,” said Senator Cramer. “The bill is a commonsense move which would give small businesses peace of mind by eliminating unnecessary bureaucratic requirements and simplifying the process for forgiving smaller loans.”
The bill includes forgiveness for Paycheck Protection Program (PPP) loans of $150,000 or less if the borrower submits a simple, one-page attestation form to the lender. There have been approximately 4.3 million PPP loans of $150,000 or less, accounting for almost 87% of all PPP approved loans but only about 28% of the PPP funds delivered. The legislation will streamline the loan forgiveness process to make support more easily accessible for small business owners.
Bill text can found here.