I got email from CPB regarding urging the senate Hirano. Let's work for it with everyone!
I am writing to express my strong support of S. 4117 - a bill that would expedite the forgiveness process for most borrowers who received loans through the Small Business Administration’s Paycheck Protection Program.
The past several months have been unlike anything we have ever experienced, and it will be months before we fully recover from this public health and economic shock. Small businesses across the country are doing everything they can to withstand the economic impact of this unprecedented pandemic. When Congress enacted the PPP, the goal was to help our country’s small business owners meet the challenges of the COVID-19 pandemic, keep their businesses open, pay their employees and serve their communities.
More than 4.8 million loans have been disbursed to date. While 86% of PPP borrowers received loans of $150,000 and less, these loans account for less than 27% of total PPP loan dollars. As the PPP enters the forgiveness phase, I’m asking Congress to ensure that the forgiveness process is easy, simple and less technical for these small business owners who are still trying to figure out how to survive the coronavirus shutdown and cautious reopening of our economy.
Instead of asking the smallest and most vulnerable small business borrowers to process burdensome paperwork, you can provide additional help by passing legislation to forgive these loans once the borrowers complete a simple one-page forgiveness form attesting that they used the funds according to the PPP loan requirements.
To help small businesses succeed in this pandemic, we should make every attempt to remove their administrative burdens, reduce their hours dealing with unnecessarily complicated paperwork or having them spend precious dollars on consultants in order to have their loans forgiven.
By simplifying the forgiveness process, small business owners will be able to focus their time, energy, and resources on their business and communities and help our economy recover.
Please help our nation’s smallest businesses. I urge you to quickly pass S. 4117, the Paycheck Protection Program Small Business Forgiveness Act to expedite forgiveness for PPP loans $150,000 and under and provide necessary relief to millions of small businesses.