ICBA urged Congress to immediately pass stand-alone legislation to simplify Paycheck Protection Program loan forgiveness to preserve the success of the program. In a written statement for a House Small Business subcommittee hearing, ICBA called for an immediate vote on the bipartisan Paycheck Protection Small Business Forgiveness Act (H.R. 7777/S. 4117).
ICBA noted that the Government Accountability Office recently reported that complex PPP forgiveness applications could take up to 15 hours for borrowers to complete and 75 hours for lenders to review. H.R. 7777/S. 4117 would provide automatic forgiveness for PPP loans of $150,000 or less if borrowers attest that they used the loans as intended.
To keep the pressure on Congress, ICBA continues calling on community bankers to urge their lawmakers to support the legislation and bring it to an immediate vote. ICBA's Be Heard grassroots action center helps community bankers call their lawmakers on behalf of this urgent bill.