ICBA called on the Treasury Department and SBA to make the Paycheck Protection Program loan-forgiveness process less complex and onerous for borrowers and lenders.
ICBA seeks streamlined Paycheck Protection Program process
June 09, 2020 / By ICBA
ICBA called on the Treasury Department and SBA to make the Paycheck Protection Program loan-forgiveness process less complex and onerous for borrowers and lenders.
ICBA called on the Treasury Department and SBA to make the Paycheck Protection Program loan-forgiveness process less complex and onerous for borrowers and lenders.
In a letter to the agencies, ICBA called for:
- A shorter and simpler application form akin to the IRS Form 1040EZ.
- An online PPP loan-forgiveness calculator for borrowers and lenders.
- A forgiveness presumption of compliance for borrower-certified loans of $1 million or less.
- SBA to purchase residual PPP loans at par to support additional lending.
- Preserving the tax deduction for business expenses for PPP borrowers.
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