Small Business, Lender Associations Call for Streamlined PPP Forgiveness for “Main Street” Small Businesses

Small Business, Lender Associations Call for Streamlined PPP Forgiveness for “Main Street” Small Businesses

***

More than 130 trade associations in coalition

Relief for smallest PPP loans of less than $150,000

***

 

WASHINGTON – The Consumer Bankers Association, International Franchise Association and U.S. Chamber of Commerce led a coalition of more than 130 trade groups representing small business borrowers and lenders in a letter to Congressional Leaders advocating for the passage of bipartisan legislation introduced by Sens. Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.) and Kyrsten Sinema (D-Ariz.) to streamline Paycheck Protection Program forgiveness for the smallest borrowers.

 

The bipartisan legislation calls for streamlined forgiveness of PPP loans less than $150,000 if the borrower answers a simple, one-question attestation the funds were used in accordance to PPP guidelines to retain employees. The simplified forgiveness could collectively save the smallest small businesses owners more than $7 billion dollars and hours of paperwork.

 

“This bipartisan legislation would ensure our nation’s small business owners can focus their time, energy, and resources back into their business and communities instead of allocating significant time and resources into completing complex forgiveness forms,” the associations wrote.

 

The coalition letter notes independent analysis by AQN Strategies anticipates the combined small business resource requirements of time and/or third-party expenses could represent an effective cost of $2,000-$4,000 for each business that applies for forgiveness, requiring 20-100 hours of time.

 

A copy of the letter is available here and below is a full list of signatories, representing thousands of banks, credit unions, financial institutions, and businesses of all sizes:

 

Aeronautical Repair Station Association Agricultural Retailers Association AICC, The Independent Packaging Association Air Conditioning Contractors of America American Bankers Association American Dental Association American Farm Bureau Federation American Financial Services Association American Foundry Society American Land Title Association American Road & Transportation Builders Association American Society of Media Photographers American Staffing Association Asian American Hotel Owners Association Associated Equipment Distributors Associated General Contractors of America Associated Industries of Massachusetts Associated Wire Rope Fabricators Association of Kentucky Fried Chicken Franchisees Association of Small Business Development Centers Association for Enterprise Opportunity Auto Care Association Bank Policy Institute Brick Industry Association Building Owners and Managers Association (BOMA) California Association of Breakfast & Boutique Inns California Association for Micro Enterprise Opportunity California Hotel & Lodging Association CAMEO Commercial Food Equipment Service Association Inc (CFESA) Community Development Bankers Association Consumer Bankers Association Credit Union National Association Decorative Hardwoods Association Electronics Representatives Association Electronic Transactions Association Financial Services Forum Foodservice Equipment Distributors Association (FEDA) Global Cold Chain Alliance GovEvolve Golf Course Supertendents Association of America Hispanic Metropolitan Chamber Hotel Association of Los Angeles HUBZone Contractors National Council Impact Hub Houston Inclusiv Independent Community Bankers of America Independent Cosmetic Manufacturers and Distributors (ICMAD) Independent Electrical Contractors Independent Insurance Agents & Brokers of America Independent Lubricant Manufacturers Association Independent Office Products & Furniture Dealers Alliance Innovate Coalition Innovative Lending Platform Association International Franchise Association International Sign Association Leading Builders of America Kansas Global Trade Services, Inc. Long Beach Hospitality Alliance MarketPlace Lending Association Mid-Size Bank Coalition of America Manufacturer & Business Association Manufactured Housing Institute Modular Building Institute Motor & Equipment Manufacturers Association (MEMA) North American Association of Food Equipment Manufacturers (NAFEM) National ACE National Association of Chemical Distributors National Association of Home Builders National Association of REALTORS® National Association of Federally-Insured Credit Unions National Association of Professional Employer Organizations National Association of Professional Insurance Agents National Association of the Remodeling Industry National Association for the Self-Employed National Association of Surety Bond Producers National Association for Surface Finishing

National Association of Trailer Manufacturers National Automatic Merchandising Association (NAMA) National Bankers Association National Beer Wholesalers Association National Center for American Indian Enterprise Development National Community Pharmacists Association National Cotton Council National Electrical Contractors Association National Electrical Manufacturers Representatives Association (NEMRA) National Independent Automobile Dealers Association National Limousine Association National Marine Distributors Association National Mining Association National Office Products Alliance National Restaurant Association National Retail Federation National RV Dealers Assn (RVDA) National Wooden Pallet and Container Association North American Association of Food Equipment Manufacturers North Carolina Bankers Association Office Furniture Dealers Alliance Opportunity Finance Network Outdoor Power Equipment and Engine Service Association Page 30 Coalition Painting Contractors Association Partners for Rural Transformation Pet Industry Distributors Association Petroleum Marketers Association of America (PMAA) Professional Beauty Association (PBA) Promotional Products Association International (PPAI) Prosperity Now Secondary Materials and Recycled Textiles Assoc. (SMART) Security Industry Association Service Station Dealers of America and Allied Trades (SSDA-AT) Small Business Majority Small Business Council of America (SBCA) Small Business Legislative Council (SBLC) Small Business Investor Alliance Small Business Majority Small Business Roundtable Society of Collision Repair Specialists (SCRS) Southwest Cable Communications Association Specialty Equipment Market Association Specialty Tools & Fasteners Distributors Association (STAFDA) Texas Bankers Association The Latino Coalition (TLC) The Society of American Florists The Transportation Alliance The Water Quality Association Tire Industry Association United Veterinary Services Association (UVSA) U.S. Asian Pacific American Chamber of Commerce and Entrepreneurship U.S. Black Chambers U.S. Chamber of Commerce U.S. Hispanic Chamber of Commerce Virginia Asian Chamber of Commerce Virginia Bankers Association Virginia Small Business Partnership Washington Retail Association Wine & Spirits Wholesalers Association Women Impacting Public Policy (WIPP) World Floor Covering Association Young Audiences Arts for Learning

 

###

 

About CBA:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.

 

About IFA:

Founded in 1960, the International Franchise Association (IFA) is the world’s oldest and largest organization dedicated to promoting, protecting, and enhancing the franchise business model. IFA advocates for America’s 733,000 franchise businesses across 300 business lines who together employ 7.6 million American workers.

 

About the U.S. Chamber:

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations. For more information, visit www.uschamber.com.