Senators Agree PPP Forgiveness Application Requires Legal, Accounting Help to Complete, Ask SBA for Simplification
Senators on Friday urged the Treasury Department and Small Business Administration (SBA) to simplify the process for businesses to receive loan forgiveness 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 the PPP, which was created by coronavirus relief legislation signed in late March, businesses and non profits can get 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 for loan forgiveness.
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 the loan-forgiveness form.
A copy of the letter to the SBA can be found here.
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