Money Makers Mentor

ABA, State Bankers Urge Congress to Pass PPP Loan Forgiveness Legislation

With little progress made in Congress on a new COVID-19 relief bill, the American Bankers Association (ABA) and 51 state bankers urged lawmakers in a letter on Sept. 11 to support standalone Paycheck Protection Program (PPP) loan forgiveness legislation. According to the letter, these bills would streamline the loan forgiveness process for small business borrowers.

In their letter, the groups wrote that nearly five million small businesses that participated in the PPP have been seriously harmed this year and face continued risk because of the ongoing pandemic.

While the groups believed the PPP helped businesses who needed it most, these small businesses continued to recover. They wrote that it is “a complicated forgiveness process (that) will discourage many small business owners fr…

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