ICBA and other groups expressed strong support for the House version of ICBA-advocated legislation to forgive Paycheck Protection Program loans under $150,000.
The bipartisan Paycheck Protection Small Business Forgiveness Act (S. 4117/H.R. 7777) would forgive such loans provided borrowers submit a one-page attestation form to lenders. ICBA separately thanked Rep. Chrissy Houlahan (D-Pa.) for introducing the bill last week.
ICBA initiated the effort to simplify PPP loan forgiveness, advocating a presumption of compliance for all loans of $1 million or less since May. Initial stimulus proposals released last week by Senate Republicans include the proposal for loans under $150,000 as well as a streamlined forgiveness process for loans between $150,000 and $2 million, among other reforms.
ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge Congress to advance ICBA's specific recommendations in the next stimulus package.