U.S. Senator Kevin Cramer (R-ND), a Senate Banking Committee member, issued the following statement on the Trump Administration modifying the Paycheck Protection Program (PPP) forgiveness process for smaller loans:
“I appreciate Treasury Secretary Mnuchin and Small Business Administrator Carranza trying to make the forgiveness process easier for small businesses, but these changes are not good enough. The process still violates legislative intent and unnecessarily burdens borrowers and lenders with complex paperwork and documentation requirements. These modifications also do nothing for the large number of small businesses whose loans are just over $50,000 but under $150,000.
“This development underscores why Congress needs to pass legislation like my Paycheck Protection Small Business Forgiveness Act to properly address the problems surrounding the PPP forgiveness process.”
The Paycheck Protection Small Business Forgiveness Act is bipartisan legislation Senator Cramer introduced with Senator Bob Menendez (D-NJ) offering forgiveness for PPP loans of $150,000 or less if the borrower submits a simple, legally-binding, one-page attestation form to the lender. It is backed by 31 senators and over 200 organizations and associations. Senator Cramer recently tried to pass his legislation through the Senate by unanimous consent, but that effort was blocked by Senate Democrats. Learn more here.