Washington, D.C. – The Consumer Bankers Association and Bank Policy Institute today issued the following statement after the introduction of bipartisan legislation from Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.) to forgive Paycheck Protection Program loans for the smallest business borrowers simply by completing a one-page attestation form:
“The existing forgiveness guidance will require the smallest business owners to invest a significant amount of time and resources into completing complex forms,” CBA President and CEO Richard Hunt and BPI President and CEO Greg Baer said. “Business owners stated upfront they would use these funds to rehire workers. Rather than requiring small business owners to now hire accountants or play one themselves, the government should forgive PPP loans for the smallest businesses so these entrepreneurs can focus on helping the local economy.”
NOTE: CBA and BPI wrote Congress earlier this month requesting automatic forgiveness of PPP loans less than $150,000. Lenders would continue to meet the PPP requirements provided by SBA for these loans. According to independent analysis from AQN Strategies, these businesses could save more than $7 billion dollars and hours of paperwork.
About the Bank Policy Institute
The Bank Policy Institute (BPI) is a nonpartisan public policy, research and advocacy group, representing the nation’s leading banks and their customers. Our members include universal banks, regional banks and the major foreign banks doing business in the United States. Collectively, they employ almost 2 million Americans, make nearly half of the nation’s small business loans, and are an engine for financial innovation and economic growth.
About the Consumer Bankers Association
The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.