ICBSD Urges Congress to Expeditiously Pass the Paycheck Protection Small Business Forgiveness Act
The Independent Bankers of South Dakota co-signed the below letter which was sent to Congress this week. In the letter we write to urge Congress to pass the Paycheck Protection Small Business Forgiveness Act as expeditiously as possible. This broadly supported, bipartisan and bicameral legislation would create a presumption of compliance for obtaining forgiveness for Paycheck Protection Program (PPP) loans with an original balance of $150,000 or less.
September 14, 2020
The Honorable Mitch McConnell The Honorable Charles Schumer
Majority Leader Minority Leader
United States Senate United States Senate
Washington, D.C. 20510 Washington, D.C. 20510
The Honorable Nancy Pelosi The Honorable Kevin McCarthy
Speaker Minority Leader
U.S. House of Representatives U.S. House of Representatives
Washington, D.C. 20515 Washington, D.C. 20515
Dear Majority Leader McConnell, Minority Leader Schumer, Speaker Pelosi, and Minority Leader McCarthy:
On behalf of the Independent Community Bankers of America and the undersigned state banking associations representing over 50,000 community bank locations across the nation, we write to urge you to pass the Paycheck Protection Small Business Forgiveness Act as expeditiously as possible. This broadly supported, bipartisan and bicameral legislation would create a presumption of compliance for obtaining forgiveness for Paycheck Protection Program (PPP) loans with an original balance of $150,000 or less. The bill has been introduced in the Senate (S. 4117) by Senators Kevin Cramer and Robert Menendez and has 30 cosponsors. The House companion bill, introduced by Reps. Chrissy Houlahan and Fred Upton, has 70 cosponsors. Small businesses across the nation urgently need the relief this bill would provide and are counting on Congress to act quickly.
The Paycheck Protection Program has been a critical lifeline for thousands of American small businesses struggling to cope with the economic fallout from the Coronavirus. Community banks made $234 billion in PPP loans which helped preserve the paychecks of more than 26 million workers. We must not allow the success of the program to be undermined by an overly complex process for obtaining forgiveness. Small business owners must not be distracted from the challenge of adapting their businesses to a new environment and protecting the safety of their employees and customers by a detailed and demanding forgiveness process or the expense of hiring an accountant.
The Paycheck Protection Small Business Forgiveness Act would address this problem by allowing smaller PPP borrowers with loans of less than $150,000 to self-certify that loan proceeds have been used in accordance with program guidance and qualify for forgiveness. Protections against fraud and misrepresentation will still apply. This common-sense solution will greatly simplify loan forgiveness and promote the resilience of small businesses and the economic and jobs recovery.
Thank you for your consideration. Legislation with such strong bipartisan and popular support from all sectors of the business community should not fall victim to partisan gridlock. We look forward to continuing to work with you to sustain the American economy during the ongoing crisis.
|Independent Community Bankers of America||Alabama Bankers Association|
|Arkansas Community Bankers||Arizona Bankers Association|
|California Community Banking Network||Connecticut Bankers Association|
|Independent Bankers of Colorado||Florida Bankers Association|
|Community Bankers Association of Georgia||Community Bankers of Iowa|
|Idaho Bankers Association||Community Bankers Association of Illinois|
|Indiana Bankers Association||Community Bankers Association of Kansas|
|Bluegrass Community Bankers Association||Louisiana Bankers Association|
|Massachusetts Bankers Association, Inc.||Maryland Bankers Association|
|Community Bankers of Michigan||Independent Community Bankers of Minnesota|
|Missouri Independent Bankers Association||Mississippi Bankers Association|
|Montana Independent Bankers||Independent Community Banks of North Dakota|
|Nebraska Independent Community Bankers||New Hampshire Bankers Association|
|New Jersey Bankers Association||Independent Community Bankers Association of New Mexico|
|Independent Bankers Association of New York State||North Carolina Bankers Association|
|Community Bankers Association of Ohio||Community Bankers Association of Oklahoma|
|Oregon Bankers Association||Pennsylvania Association of Community Bankers|
|Independent Banks of South Carolina||Independent Community Bankers of South Dakota|
|Tennessee Bankers Association||Independent Bankers Association of Texas|
|Virginia Association of Community Banks||Community Bankers of Washington|
|Wisconsin Bankers Association||Community Bankers of West Virginia|
|Wyoming Bankers Association|
CC: Members of the U.S. House of Representatives
Members of the United States Senate