Senators Agree PPP Forgiveness Application Requires Legal, Accounting Help to Complete, Ask SBA for Simplification
SenatorsÂ on Friday urged the Treasury Department and Small Business AdministrationÂ (SBA) toÂ simplifyÂ theÂ processÂ for businesses to receiveÂ loanÂ forgivenessÂ under the Paycheck Protection Program (PPP). “In this public health and economic emergency, we must do all we can to make sure our small businesses have the support and assistance they need to weather the crisis,” they said in a letter to Treasury Secretary Steven Mnuchin and SBA Administrator Jovita Carranza.
Under theÂ PPP, which was created by coronavirus relief legislationÂ signed in late March, businesses and non profits can getÂ loans that are forgivable if they maintain their payrolls. Treasury and the SBA released an 11 page form last month for businesses to use to apply forÂ loanÂ forgiveness.Â
The Senators said they were concerned that the complexity of the form would be an additional barrier to businesses choosing to participate in the program. They also said they were concerned that many businesses will feel that they need to hire lawyers and accountants in order to complete theÂ loan-forgivenessÂ form.
A copy of the letter to the SBA can be foundÂ here.
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