The approaching Paycheck Protection Program expiration date should not leave small businesses or nonprofits stranded, ICBA community banker Alice P. Frazier told the House Small Business Committee.
Background: Under current law, any application not approved by March 31—even if it was submitted prior to that date—cannot receive Paycheck Protection Program funds.
ICBA Position: The Small Business Administration should clear the thousands of loan applications on hold in the PPP system before the program expires on March 31.
Testimony: Testifying virtually, the Bank of Charles Town, W. Va., president and CEO said any application submitted by March 31 should be eligible for approval and funding. "No applicant should be left stranded because of bureaucratic red tape," she said.
More: Frazier also reiterated ICBA's calls for policymakers to address PPP issues related to first-draw increase eligibility, second draws, farm partnerships, Schedule C borrowers, and the Save Our Stages program. Read more.