ICBSD Urges Congress to Expeditiously Pass the Paycheck Protection Small Business Forgiveness Act

ICBSD_Advocacy

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.

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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.

Sincerely,

 

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

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