Legislation to allow forgiveness for Paycheck Protection Program loans of $150,000 or less if the borrower submits a simple, one-page attestation form to the lender is under consideration in Congress.
The Paycheck Protection Small Business Forgiveness Act would apply to some 3.7 million PPP loans of $150,000 or less, which account for 85 percent of all PPP approved loans, but only 26 percent of the PPP funds delivered.
“Amid an already incredibly difficult situation making it easier for Alaska’s small business owners to get their PPP loans forgiven is significant,” said Sen. Lisa Murkowski, R-Alaska, a co-sponsor of the bill.
“Making the process easier for our small businesses is one huge benefit, but it is also significant that passing this simple piece of legislation could save small businesses and lenders nearly $2 billion nationwide. As one of the biggest priorities expressed by small business lenders in Alaska, I’m proud to support this bill which will support more of Alaska’s small businesses in their pursuit of financial recovery.”
The bill was introduced by Sen. Kevin Cramer, R-ND, with Sens. Bob Menendez, D-NJ, Thom Tillis, R-NC and Kyrsten Sinema, D-AZ, and cosponsored by more than two dozen other members of the Senate.