Luetkemeyer on Treasury Department’s PPP Loan Forgiveness Announcement
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding the Treasury Department’s announcement of a streamlined forgiveness process for Paycheck Protection Program (PPP) loans up to $50,000.
“Under Secretary Mnuchin’s and Administrator Carranza’s leadership the PPP program has approved 5.2 million loans and helped preserve 51 million American jobs. While the program is an undoubted success, the forgiveness process has proven unnecessarily burdensome for countless small businesses and lenders. Today’s announcement by the Treasury Department is a good step for those businesses that simply do not have the time and money to jump through legal and regulatory hoops.
“My Congressional colleagues and I are pursuing even greater relief and calling for a simple, streamlined forgiveness process for PPP loans up to $150,000, which represents 87% of all PPP recipients. I look forward to working with Secretary Mnuchin in the coming days and weeks to achieve that goal.”
Read the Treasury Department’s announcement here.