American Financial Services Association

AFSA Supports Loan Forgiveness Legislation

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AFSA Supports Loan Forgiveness Legislation

AFSA, along with more than 125 other trade associations representing a broad swath of the American economy, today submitted a letter supporting S. 4117, The Paycheck Protection Program (PPP) Small Business Forgiveness Act. The bill “would forgive PPP loans of less than $150,000 upon the borrower’s completion of a simple, one-page forgiveness document.”

The letter, which was addressed to the Chairs and Ranking Members of the committees representing small business concerns in both the House and Senate, notes that PPP loans of under $150,000 account for 86 percent of total recipients but less than 27 percent of PPP loan dollars.

“Expediting the loan forgiveness process for many of these hard-hit businesses will save more than $7 billion dollars and hours of paperwork,” the signatories wrote. “Small businesses and their employees are the backbone of our nation’s economy and communities. Their time and resources would be better focused on getting the economy safely back up and running, not processing burdensome paperwork.”

AFSA will continue to advocate on behalf of its members who have worked tirelessly to support their communities through the pandemic.

July 9th, 2020 by