Automatically Forgive PPP Loans Under $150K
We the undersigned support the proposed The Paycheck Protection Small Business Forgiveness Act, which would greatly streamline the process for small business owners seeking forgiveness for the monies from the Payroll Protection Program (PPP). This new act would state that small business owners who received $150,000 or less in Payroll Protection Program (PPP) monies need only to submit a one-page attestation form in order to receive forgiveness for the PPP monies. This attestation form would state that the business spent the PPP monies in accordance with the CARE Act and that it has followed the requirements for forgiveness of that loan. Further, it would prohibit any enforcement or other action against a lender relating to loan origination, forgiveness, or guarantee based on the lender's reliance on certifications or documentation submitted by a loan applicant or recipient.
We further propose that the PPP monies be forgiven immediately upon receipt of this one-page attestation form, thereby eliminating potentially problematic delays for small business transfers/acquisitions.
Automatic forgiveness would greatly reduce paperwork and assist the smallest of the small businesses by providing much needed economic certainty during these trying pandemic and economic times.
Eliminating the uncertainty of delayed forgiveness is critical for small business owners who need to sell their businesses due to economic hardships, retirement, health, death and other issues.
The U.S. Economy is dependent to a great extent on our small business community. The welfare of small businesses affects every one of us directly or indirectly since small business makes up 50% of our GDP.
It is vital that we support our local small business owners as well as the American economy as a whole.