The American Bankers Association has launched a grassroots initiative called Secure American Opportunity to engage bank leaders, employees, customers and consumers in issues that help our economy grow. A current initiative of Secure American Opportunity is to urge US Congress to pass new legislation to simplify the forgiveness of Paycheck Protection Program loans of $150,000 or less.
The proposed forgiveness process for PPP loans of $150,000 or less would require submission of a single page form certifying that the funds were used for eligible expenses in accordance with SBA program guidelines. The legislation would enable the SBA to focus resources on processing forgiveness applications for the PPP loans over $150,000 thus becoming a benefit for all borrowers.
Click here to take action and participate in this current initiative to help small businesses by encouraging local government representatives to pass the simplified forgiveness legislation.
Robert A. Vernick
Senior Vice President
Chief Lending & Bus. Dev. Officer