The ABA is urging bankers to contact their lawmakers and urge them to support legislation that would significantly streamline the forgiveness process for loans made through the Small Business Administration’s Paycheck Protection Program. 

The PPP Small Business Forgiveness Act, a bipartisan Senate bill, would allow PPP loans of $150,000 or less to be forgiven once the borrower completes a one-page forgiveness attestation. The bill is expected to ease the forgiveness process for approximately 86% of PPP borrowers, in addition to saving an estimated $7 billion and hours of paperwork.

The ABA joined a broad coalition of nearly 150 trade associations and advocacy groups in strong support of the bill. In addition, a group of 51 state bankers associations last Thursday submitted a letter in support of the bill.

“Banks of all sizes will continue to support their business customers and do their part to spur the economic recovery to come,” the associations said. “In order to help our nation’s smallest small businesses, we urge Congress to quickly pass the Paycheck Protection Program Small Business Forgiveness Act to provide necessary relief to millions of small businesses.”

Contact your lawmakers now.