ICBA seeks streamlined Paycheck Protection Program process

ICBA called on the Treasury Department and SBA to make the Paycheck Protection Program loan-forgiveness process less complex and onerous for borrowers and lenders.

In a letter to the agencies, ICBA called for:

• A shorter and simpler application form akin to the IRS Form 1040EZ.
• An online PPP loan-forgiveness calculator for borrowers and lenders.
• A forgiveness presumption of compliance for borrower-certified loans of $1 million or less.
• SBA to purchase residual PPP loans at par to support additional lending.
• Preserving the tax deduction for business expenses for PPP borrowers.