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.
Updates
July 25, 2020
We have reached one thousand signatures on this petition. I am now finalizing the briefing packet to be delivered directly to the offices of the House Small Business Committee members.
Reached 1,000 supporters
July 24, 2020
Reached 100 supporters
July 23, 2020
437 Comments
This bill would help small businesses like mine in that we unlike larger corporate businesses don’t have internal accountants and attorneys to handle all of the additional paperwork etc. This bill would be heaven sent and a true saving grace.
Please consider this forgiveness of PPP loans in all transactions involving the sale of businesses. Keeping the flow of business sales in this economy is vital and may be more crucial than ever. Thank you in advance for your every consideration.
I am a top business broker in Las Vegas, NV and this will be an issue in the future with nearly all business sale transactions. There needs to be a simple answer to pay off the SBA through escrow closing, just like a mortgage. Thank you!
This simplifes and streamlines the process. We as small business are fighting for survival and need to use all of our time and resources to keep our business afloat and not spend valuable time address red tape bureaucracy
Forgiving these PPP loans will make the difference as to whether some business owners can retire or not, and whether a new entrepreneur can take over and grow the business, creating jobs and stimulating the economy.
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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.
Updates
July 25, 2020
We have reached one thousand signatures on this petition. I am now finalizing the briefing packet to be delivered directly to the offices of the House Small Business Committee members.
Reached 1,000 supporters
July 24, 2020
Reached 100 supporters
July 23, 2020
437 Comments
I work for a major bank and the forgiveness process is very complex and cumbersome for small business owners many of whom thought they would be forgiven and followed the rules but don’t qualify for forgiveness due to multiple complexities.
This bill would help small businesses like mine in that we unlike larger corporate businesses don’t have internal accountants and attorneys to handle all of the additional paperwork etc. This bill would be heaven sent and a true saving grace.
Please consider this forgiveness of PPP loans in all transactions involving the sale of businesses. Keeping the flow of business sales in this economy is vital and may be more crucial than ever. Thank you in advance for your every consideration.
I am a top business broker in Las Vegas, NV and this will be an issue in the future with nearly all business sale transactions. There needs to be a simple answer to pay off the SBA through escrow closing, just like a mortgage. Thank you!
This simplifes and streamlines the process. We as small business are fighting for survival and need to use all of our time and resources to keep our business afloat and not spend valuable time address red tape bureaucracy
Forgiving these PPP loans will make the difference as to whether some business owners can retire or not, and whether a new entrepreneur can take over and grow the business, creating jobs and stimulating the economy.
For petitions
Forgive the PPP
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I work for a major bank and the forgiveness process is very complex and cumbersome for small business owners many of whom thought they would be forgiven and followed the rules but don’t qualify for forgiveness due to multiple complexities.