ICBA called on Senate Majority Leader Mitch McConnell (R-Ky.) to include Paycheck Protection Program forgiveness simplification in pending stimulus legislation.
By simplifying forgiveness for PPP loans under $150,000, the bipartisan S. 4117/H.R. 7777 would ensure the success of the program is not undermined by an overly complex forgiveness process, ICBA told McConnell.
While the latest Senate package is expected to be stopped by a party-line vote and would have to be taken up by the House, ICBA continually works to ensure PPP forgiveness remains a key part of the stimulus debate.
To maximize support for forgiveness simplification, ICBA continues calling on community bankers and small-business owners to urge Congress to immediately pass the bipartisan legislation.
In an op-ed this week on Medium, ICBA President and CEO Rebeca Romero Rainey wrote that forgiveness simplification would allow policymakers to support the economic recovery despite the stalled stimulus talks.