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Streamlined Loan Forgiveness
July 19, 2020
More good news for our small and diverse business members:
A broad coalition of trade associations including the American Bankers Association is working with Senators Bill Cramer (R-N.D.) and Bob Menendez (D-N.J.) and Representative Krysten Sinema (D-Ariz) on a bipartisan bill that would expedite the PPP Loan forgiveness process for small businesses who borrowed less than $150,000.
The proposed streamlined process will require borrowers to complete a single page forgiveness document consisting of one question. It asks borrowers to affirm the funds were used according to PPP guidelines.
As Covid-19’s economic impact continues, the Federal Reserve is injecting financial assistance to help businesses to stay afloat, ride the storm and make it out of this difficult time. The Main Street Lending Program is created to support lending to small and medium-sized businesses that were in sound financial condition before the onset of Covid-19. A total of $600 billion is available for qualified institutions to lend to eligible borrower. Together with the U.S. Department of the Treasury, both will facilitate lending support to nonprofit organizations through qualified lenders. The Federal Reserve is creating the infrastructure to fully operationalize the program. Details can be found here.
We hope that you find this information useful and will use the programs if you qualify. Stay connected.
In safety and health,
Susan Au Allen
National President & CEO