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The SBA will soon release a portal to accept Paycheck Protection Program loan-forgiveness applications, Administrator Jovita Carranza told the House Small Business Committee. The SBA is working with the Treasury Department to offer the portal by the beginning of August, she said.
Also at the hearing, Treasury Secretary Steven Mnuchin said Congress should consider automatically forgiving smaller PPP loans. ICBA strongly supports bipartisan legislation to forgive PPP loans under $150,000, which is among ICBA's recommendations for the next economic stimulus legislation set for debate this week.
ICBA and 42 state community banking associations last week issued specific recommendations for the stimulus package. Community bankers can use ICBA's Be Heard grassroots action center to urge Congress to advance the policies, which include additional PPP reforms as well as capital, accounting, and tax relief.