Luetkemeyer Urges Treasury, SBA to Streamline the Loan Forgiveness Process for PPP Loans Up to $150,000
WASHINGTON, D.C. – Today, Congressman Blaine Luetkemeyer (MO-03) led a letter signed by 60 of his colleagues urging the Treasury Department and Small Business Administration to implement a streamlined loan forgiveness process for all PPP loans up to $150,000.
“Despite the overwhelming success of the PPP program, more can and should be done to help U.S. small businesses stay afloat during these unprecedented economic times. Countless small business owners who are facing the challenges of reopening local economies, retooling their businesses, and working to protect the health of both customers and employees have indicated that further action is required to streamline the burdensome PPP forgiveness process.
“As the representatives of millions of small business owners and their employees, we write to express our strong support for a streamlined forgiveness process for all Paycheck Protection Program (PPP) loans. Small businesses across our districts and the country simply cannot afford to face the burdensome process of applying for PPP loan forgiveness. Some estimates indicate the current forgiveness reporting requirements will cost $2,000-$4,000 for each business, requiring 20-100hrs to complete.
“In addition, financial institutions and businesses need certainty regarding forgiveness to ensure business will not have to repay PPP loans and financial institutions will not be forced to hold these loans on their balance sheets. By streamlining the forgiveness process, your agencies can ensure our small business owners and financial institutions can focus their time, energy, and resources back into their business and communities instead of allocating significant time and resources into completing complex forgiveness forms.”
Read the full letter here.