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Aug. 07, 2020
ICBA expressed strong support for Senate Small Business Committee Chairman Marco Rubio's (R-Fla.) efforts to renew and simplify the Paycheck Protection Program before it expires tomorrow.
In a letter to Rubio, ICBA said it supports several PPP changes he is proposing, including simplified forgiveness for smaller loans, a lender safe harbor, expanding forgivable expenses, allowing borrowers to select their forgiveness period, and more.
Under current law, the SBA will not be able to process any new PPP loan applications as of 11:59 p.m. (Eastern time) tomorrow, Aug. 8.
With Congress and the Trump administration negotiating the next stimulus package, ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge needed reforms.
