ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge policymakers to provide guidance on Paycheck Protection Program loan forgiveness. ICBA is urging the Treasury Department and SBA to:
- Reconsider the SBA’s non-statutory requirement that 75 percent of PPP loan proceeds must be spent on retaining payroll.
- Provide a straightforward, easy-to-apply approach to loan forgiveness, such as developing a PPP loan-forgiveness calculator.
- Establish a presumption of compliance for all loans with an original balance of $1 million or less based on the borrower’s certification.
- Address the many questions that have arisen related to PPP loan forgiveness.