A bipartisan bill recently introduced in the U.S. House would expedite forgiveness for Paycheck Protection Program (PPP) loans of $150,000 or less. Loan forgiveness would apply to approximately 86 percent of PPP borrowers.
The Paycheck Protection Small Business Forgiveness Act would require the Small Business Administration to create a one-page online form for eligible small business-owners to certify that they have met the requirements of the program. The form would include an optional checklist to indicate whether the owner has spent 60 percent or more on payroll costs or less than 60 percent due to issues with rehiring.
The bill would require the form to have a way for borrowers to submit demographic information, at their discretion.
In addition, the bill prohibits members of Congress, their families, and senior Executive Branch members from benefiting from the expedited process.
The bill was introduced by U.S. Reps. Chrissy Houlahan (D-PA) and Fred Upton (R-MI).
“In our office, we have worked alongside our small business community to help secure loans, increase access to capital for minority- and women-owned businesses, and improve transparency into the Paycheck Protection Program,” Houlahan said. “I’m proud to partner with Representative Upton to help the more than 15,000 small businesses in my community who have received loans of $150,000 or less quickly and effectively navigate the forgiveness process.”