ALTA Urges Congress to Help Small Biz and Streamline PPP Forgiveness Process

September 17, 2020

ALTA joined a broad coalition of over 100 financial service, business and non-profit trades encouraging Congress to pass legislation that would streamline the Paycheck Protection Program (PPP) forgiveness process.

In a letter to Congressional leaders, the group urged Congress to pass S. 4117, The Paycheck Protection Program Small Business Forgiveness Act, and H.R. 7777, The Paycheck Protection Small Business Forgiveness Act.

“We ask that Congress immediately pass these much-needed bipartisan pieces of legislation, supported by a third of the Senate and 77 members of the House of Representatives, that would streamline the forgiveness process for mom-and-pop businesses who received Paycheck Protection Program loans during these unprecedented times,” the letter said.

S. 4117 is sponsored by Sens. Kevin Cramer, Bob Menendez, Thom Tillis and Kyrsten Sinema. H.R. 7777 is sponsored by Reps. Chrissy Houlahan and Fred Upton.

The legislation would forgive PPP loans of less than $150,000 upon the borrower’s completion of a simple, one-page forgiveness document. PPP loans of $150,000 and under account for 87 percent of total PPP recipients, but less than 28 percent of PPP loan dollars. Expediting the loan forgiveness process for many of these hard-hit businesses would save more than $7 billion and hours of paperwork. Based on statistics released in early July, roughly 81 percent of title companies that received PPP loans were provided $150,000 or less and would benefit from this legislation.

“Now that the program has ended, small business owners and nonprofits are facing the challenges of reopening local economies in a time of uncertainty, retooling their businesses, working to protect the health of both customers and employees, and serving the needs of the community,” the letter said. “Small businesses across the country are facing the time-consuming and costly process of applying for PPP loan forgiveness.”


Contact ALTA at 202-296-3671 or [email protected].