Nearly 140 other organizations joined ICBA in urging Congress to advance legislation that would forgive Paycheck Protection Program loans under $150,000. As the first national association to call for simple safe harbor PPP forgiveness process, ICBA strongly supports the bipartisan Paycheck Protection Small Business Forgiveness Act (S. 4117).
Introduced by Senate Banking Committee member Kevin Cramer (R-N.D.), the bill would forgive such loans provided borrowers submit a one-page attestation form to lenders. It 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 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.