WASHINGTON – U.S. Senator Kevin Cramer (R-ND) announced today his bipartisan Paycheck Protection Small Business Forgiveness Act now has 20 cosponsors, with more expected to come in the following days. Senator Cramer originally introduced it with Senators Bob Menendez (D-NJ), Thom Tillis (R-NC), and Kyrsten Sinema (D-AZ).
“We appreciate our colleagues signing on to this important legislation,” said Senator Cramer. “The bill is a commonsense move which would give small businesses peace of mind by eliminating unnecessary bureaucratic requirements and simplifying the process for forgiving smaller loans.”
“Fully forgiving Arizona small businesses’ PPP loans provides needed economic certainty to local employers—which have suffered losses through no fault of their own—while protecting Arizonans’ jobs and paychecks,” said Senator Sinema.
This follows U.S. Treasury Secretary endorsing the principles of this legislation. Over 140 organizations support the bill, as well as the Bankers Association in every state plus Puerto Rico. The bill includes forgiveness for Paycheck Protection Program (PPP) loans of $150,000 or less if the borrower submits a simple, one-page attestation form to the lender. The approximately 3.7 million PPP loans of $150,000 or less account for 85 percent of all PPP approved loans but only 26 percent of the PPP funds delivered. Learn more here.
Joining Senators Cramer, Menendez, Tillis, and Sinema in cosponsoring the bill are senators Martha McSally (R-AZ), Tom Cotton (R-AR), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Jerry Moran (R-KS), David Perdue (R-GA), Kelly Loeffler (R-GA), Lisa Murkowski (R-AK), John Barrasso (R-WY), Mike Crapo (R-ID), Mike Rounds (R-SD), Steve Daines (R-MT), Joe Manchin (D-WV), Roy Blunt (R-MO), John Boozman (R-AR), and Mike Enzi (R-WY).
“We designed the Paycheck Protection Program to get swift relief to our small businesses,” said Senator McSally. “It should not be a burden for the smallest of these businesses to get the loan forgiveness promised them by this program. Nearly 70,000 of the 81,000 PPP loans made to Arizona businesses would qualify for this program and this bill ensures these mom-and-pop shops can focus on what matters—running their business—by granting automatic forgiveness for loans of $150,000 or less. ”
“The virus has already made life difficult enough for small business owners—they shouldn’t have to spend precious time navigating federal bureaucracies to get needed relief. Our bill will simplify loan forgiveness for these businesses and prioritize the SBA’s attention on the largest loans,” said Senator Cotton.
“PPP has been a lifeline for small businesses in West Virginia. As the pandemic continues, we’re making tweaks that improve the program and help keep employers and employees connected. For the smallest of our small businesses who took out modest loans, this bill will create a streamlined paperwork process with a one-page form, allowing business owners to direct more of their focus on working safely and less on red tape,” said Senator Capito.
“The Paycheck Protection Program has been a lifeline for so many small businesses in Georgia and across the country,” said Senator Perdue. “Under this bipartisan bill, loans under $150K – which comprise of 86% of PPP loans – will be immediately forgiven. Simplifying the forgiveness process will give small business owners certainty and allow them to focus their time and resources on safely reopening their business and adapting to this new normal.”
“The vast majority of Paycheck Protection Program loans have gone to very small mom-and-pop businesses that are struggling to make ends meet as it is,”said Senator Loeffler. “The last thing they need is to spend money and time on bureaucratic paperwork to receive the loan forgiveness Congress designed the program to provide. This commonsense bill led by Senator Cramer will make it easier for these small businesses to apply for forgiveness so they can continue to recover and emerge from the pandemic stronger than before.”
“The Paycheck Protection Program (PPP) continues to provide America’s small businesses with a critical lifeline during these difficult times,” said Senator Barrasso. “In order to keep this successful program going, we need to address some of the uncertainty regarding the loan forgiveness process. Our bipartisan bill does this by simplifying the forgiveness certification for businesses with loans under $150,000. This will provide immediate relief to our smallest businesses who simply don’t have the time or resources needed to navigate the current complex PPP loan forgiveness process. It also means PPP participants across Wyoming can focus on running their small businesses instead of filling out unnecessary paperwork.”
“The Paycheck Protection Program was designed specifically to help American workers and their small business employers weather the economic storm caused by the global coronavirus pandemic. This bill provides further relief and flexibility for the small businesses who worked in their best, honest efforts to keep staff employed during these uncertain times,” said Senator Crapo.
“The impacts of COVID-19 on our economy have hurt Montana small businesses and our workers,” said Senator Daines. “This bill removes the costly barriers our small business owners face when applying for a Paycheck Protection Loan. This will also greatly help our small businesses and workers by providing blanket forgiveness for loans below $150,000.”
“Small businesses across America and West Virginia are hurting due to the COVID-19 pandemic, and we must do more to help them. The Paycheck Protection Small Business Forgiveness Act will help our small businesses by streamlining the process for Paycheck Protection Program (PPP) loan forgiveness, giving them the support they need right now to keep their employees and their doors open. I look forward to working with my colleagues on both sides of the aisle to pass this commonsense, bipartisan legislation that helps Main Street stay afloat,” said Senator Manchin.
“The Paycheck Protection Program has been a lifeline for workers and small businesses in Missouri and states across the nation,” said Senator Blunt. “This bill eliminates burdensome red tape to make it easier for employers to use the PPP loans to keep workers on the payroll and help businesses bounce back quickly.”
“The PPP has been a critical lifeline for small businesses and has helped millions of Americans continue to receive their paychecks during the COVID-19 crisis. However, the bureaucratic hurdles small business owners need to clear to prove their eligibility for loan forgiveness are overly burdensome for the 85 percent of recipients who received loans of $150,000 or less. Simplifying the loan forgiveness process for the smallest borrowers will the burden of extensive paperwork and allow small businesses to focus on retaining jobs and growing our economy,” said Senator Boozman.
“The COVID-19 pandemic has hit small businesses especially hard,” said Senator Enzi. “This legislation would simplify and streamline the forgiveness process for Paycheck Protection Program loans under $150,000. It would allow small businesses to focus on what's important, using their time and energy to keep their businesses afloat.”