Tiered PPP loan forgiveness is emerging in Republican stimulus bill
As Congress debates a series of sweeping stimulus measures to boost the economy during the pandemic, a multitiered forgiveness process for Paycheck Protection Program loans is gaining steam.
There's been a growing push to automatically forgive smaller PPP loans from the Small Business Administration. And while Senate Republicans have included automatic forgiveness for loans below $150,000 as part of their stimulus proposal introduced Monday, they have also introduced a middle tier of forgiveness requirements for loans between $150,000 and $2 million.
For those loans, their proposal only requires businesses to complete a certification and retain relevant records and worksheets for up to three years, though banks would still need to submit a loan forgiveness application to the SBA.
Forgiveness provisions for larger loans would remain the same under the proposal. And the Treasury Department and SBA have said they will audit all loans topping $2 million after a public backlash against some publicly traded companies and larger, well-known private companies that received PPP loans.
Business groups, however, were looking for the forgiveness process for more loans below $2 million to be even easier.
“It should be one box,” said Tom Sullivan, vice president of small-business policy at the U.S. Chamber of Commerce. “It should be a box that you should put a check mark in that you certify the funds were spent appropriately.”
https://www.bizjournals.com/seattle/news/2020/07/30/stimulus-has-tiered-ppp-loan-forgiveness-process.html
Understand these are the same assholes who don't want to give you $600 a week in unemployment.
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