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GCCA, along with over 100 financial services, businesses, and non-profit trades, urged U.S. Congressional leadership to support The Paycheck Protection Program Small Business Forgiveness Act (S.4117/ H.R. 7777). The bi-partisan legislation would streamline PPP forgiveness process along with expanding the hold harmless protections for lenders.
If enacted, the Paycheck Protection Small Business Forgiveness Acts would modify loan forgiveness under the Paycheck Protection Program. In particular, the bills provide for automatic forgiveness of a paycheck protection loan that is less than $150,000 if the recipient submits a one-page form. Additionally, both bills prohibit any enforcement or other action against a lender relating to loan origination, forgiveness, or guarantee. This is based on the lender's reliance on certifications or documentation submitted by a loan applicant or recipient.