WASHINGTON – Sen. John Kennedy (R-La.) today introduced legislation to streamline the forgiveness process for Paycheck Protection Program (PPP) loans of $100,000 or less.
“The Paycheck Protection Program has been a lifeline for Louisiana small businesses to keep serving our state and keep their workers on payroll. These job creators are supporting America’s economic recovery, and simplifying the PPP loan forgiveness process supports them,” said Kennedy.
Currently, PPP loan borrowers of $50,000 or less are eligible for streamlined forgiveness. This bill would help small businesses by raising the ceiling to $100,000, provided that the borrower signs and submits a simple attestation form to the lender. The borrower would need to keep its paperwork for three years for auditing purposes, as the bill would still allow the Small Business Administration (SBA) to examine the loans.
Kennedy’s bill would also require the SBA Administrator, in coordination with the Treasury Secretary, to provide and certify onlinecalculators that are free and easy to use in order to support lenders and small businesses as they estimate loan forgiveness amounts on PPP forms.
The bill text is available here.