WASHINGTON DC (June 15, 2020) — Senate Finance Committee Chairman Charles "Chuck" Grassley (R-IA) joined Sen Mike Rounds (R-SD) and 43 senators in sending a bipartisan letter to Treasury Secretary Steve Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza urging the administration to ease paperwork requirements for small businesses seeking loan forgiveness under the Paycheck Protection Program (PPP). The letter specifically requests that the loan forgiveness application for loans under $250,000 to be no longer than one page in length.
“When Congress created the PPP, its purpose was clear: get immediate funding into the hands of small business owners impacted by the COVID-19 pandemic so their employees could stay on the payroll and maintain benefits and so that businesses could resume normal operations as soon as it was safe to do so,” the senators wrote.
“The Administration’s intentions to scrutinize PPP loans above $2 million is an appropriate oversight of tax-payer resources. Failing to streamline the loan-forgiveness application for loans that are worth a mere fraction of that will not only leave millions of small business owners without the relief that they were promised by Congress, but it will also introduce a needless complication to our nation’s economic recovery,” the senators concluded.
Full text of the letter can be found HERE.
