Bank Associations Ask for PPP Forgiveness

The Consumers Banking Association and the Bank Policy Institute are expressing concerns about the Paycheck Protection Program loan-forgiveness program and how small businesses will be impacted.

“The expedited process by which the program was implemented has resulted in considerable gaps in policy, particularly regarding the forgiveness aspect of PPP, and has proven to be unnecessarily burdensome for many of the businesses it sought to help,” the two organizations said in a statement.

The groups want small businesses with PPP loans of less than $150,000 forgiven by the program.

It continues: “Further, these hard-hit businesses could save more than $7 billion dollars and hours of paperwork. These small businesses and their employees are the backbone of our nation’s economy and communities. Their time and resources would be better focused on getting the economy safely back up and running, not processing burdensome paperwork.