Senate Banking Committee member Kevin Cramer (R-N.D.) introduced ICBA-supported legislation that would forgive Paycheck Protection Program loans under $150,000.
The bipartisan Paycheck Protection Small Business Forgiveness Act (S. 4117) would forgive such loans provided borrowers submit a one-page attestation form to lenders. The bill also would expand the hold-harmless provision for lenders that rely on borrower attestations to encompass all aspects of the loan process, not just forgiveness.
ICBA is encouraging community bankers to urge their senators to support and co-sponsor the bill. Meanwhile, ICBA continues calling on community bankers to use its Be Heard grassroots action center to provide Congress with comprehensive policy recommendations for the next relief package.