PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

CNBC: Banks and Small Businesses Look to Congress to Streamline PPP Loan Forgiveness

By at 25 September, 2020, 10:58 am

In a September 24 CNBC article about the push by small business groups and banks to simplify the  Paycheck Protection Program (PPP) loan forgiveness process, SBE Council president & CEO Karen Kerrigan commented on why this is needed and why many small business owners and banks are waiting it out to see if Congress or the Administration take action on simplification.

As noted in the piece:

Karen Kerrigan, president of the Small Business & Entrepreneurship Council, said both banks and businesses are waiting for more clarity and potential changes to the process.

“Small business owners are keeping an eye out for additional changes to PPP and perhaps more guidance, including forgiveness simplification, and many have been advised to wait it out a bit longer — this of course has created some anxiety,” Kerrigan said. “Banks are waiting for clarity, certainty and reassurance as well. Why expend significant resources on setting up a forgiveness system when there may be a legislative or rule change that enable a less bureaucratic and costly forgiveness system?”

Read the full article here.

 

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