June 30, 2020 – U.S. Senators Kevin Cramer (R-ND), Bob Menendez (D-NJ), Thom Tillis (R-NC), and Kyrsten Sinema (D-AZ) today introduced legislation to automatically forgive loans made to small businesses under the Paycheck Protection Program. Financial Innovation Now supports this legislation.
The following statement can be attributed to Brian Peters, Executive Director, Financial Innovation Now:
“Financial Innovation Now commends Senators Cramer, Menendez, Tillis, and Sinema for introducing the Paycheck Protection Small Business Forgiveness Act. FIN member companies are proud to have facilitated thousands of PPP loans to truly small businesses that are suffering hardest during the Covid-19 pandemic. As these businesses struggle with unprecedented challenges, the last thing they need is more burdensome paperwork. The Paycheck Protection Small Business Forgiveness Act will enable America’s small businesses to concentrate on surviving. FIN urges Congress to pass this legislation as soon as possible.”
FIN member companies PayPal, Intuit, and Square are active lenders in the PPP program, collectively enabling thousands of truly small business to access PPP loans thus far.
- Paycheck Protection Program loans
- PPP in Review: Square Capital Has Facilitated 76,000+ Small Businesses Loans Across All 50 States
The Paycheck Protection Small Business Forgiveness Act would provide automatic forgiveness for PPP loans below $150,000 via a one-page online form.