MHI, along with a coalition of national business associations, again called on Congress to support legislation that would forgive certain loans funded by the Paycheck Protection Program H.R. 7777, “The Paycheck Protection Program (PPP) Small Business Forgiveness Act,” sponsored by Representatives Chrissy Houlahan (D-PA) and Fred Upton (R-MI), would forgive all PPP loans of less than $150,000 upon the borrower’s completion of a simple, one-page forgiveness document. PPP loans of $150,000 and under account for 86 percent of total PPP recipients, but less than 27 percent of PPP loan dollars. MHI and the coalition continue to argue that expediting the loan forgiveness process for the hardest-hit businesses will save more than $7 billion dollars and hours of paperwork. Given the ongoing challenges facing small businesses, the coalition is urging Congress to pass the legislation without delay.
Print Friendly