ICBM has joined a coalition of state community banking associations and the Independent Community Bankers of America to call on Congress to pass bipartisan, bicameral legislation to forgive Paycheck Protection Program loans of $150,000 or less.
In this letter to congressional leaders, the coalition noted the bipartisan Paycheck Protection Small Business Forgiveness Act (S. 4117/H.R. 7777) has 30 cosponsors in the Senate and 70 in the House.
ICBA initiated the effort to simplify PPP loan forgiveness, advocating a presumption of compliance for all loans of $1 million or less since May. Legislative proposals introduced in recent weeks to influence the next economic stimulus package contain the $150,000 forgiveness provision, including last week’s “skinny” package that failed to advance in the Senate.
In the joint letter, the groups said the bill would relieve small businesses of the demanding and potentially costly forgiveness process, preserving the success of the PPP while maintaining protections against fraud and misrepresentation.
“This common-sense solution will simplify loan forgiveness and promote the resilience of small businesses and the economic and jobs recovery,” said ICBM President and CEO Jim Amundson.
Minnesota community bankers are urged to contact their representatives in Congress and have their voices added to the call for this and other common-sense policies to be included in the next economic relief package.