OKLAHOMA CITY – Senator James Lankford (R-OK) today announced he joined Senator Kevin Cramer’s (R-ND) bipartisan Paycheck Protection Small Business Forgiveness Act. The Paycheck Protection Small Business Forgiveness Act streamlines forgiveness for Paycheck Protection Program (PPP) loans of $150,000 or less if the borrower submits a simple, one-page attestation form to the lender.
The approximately 4.2 million PPP loans of $150,000 or less account for 85 percent of all PPP approved loans but only 26 percent of the PPP funds delivered. The bill is endorsed by more than 200 trade groups and associations, earning the support of small business groups like the National Federation of Independent Business, local and national lending associations representing credit unions and bankers, and labor groups.
Lankford and Cramer are joined on this bill by Senators Jim Inhofe (R-OK), Bob Menendez (D-NJ), Thom Tillis (R-NC), and Kyrsten Sinema (D-AZ), Tom Cotton (R-AR), Martha McSally (R-AZ), Mike Crapo (R-ID), John Cornyn (R-TX), Shelley Moore Capito (R-WV), Jerry Moran (R-KS), David Perdue (R-GA), Kelly Loeffler (R-GA), Lisa Murkowski (R-AK), John Barrasso (R-WY), Mike Rounds (R-SD), Steve Daines (R-MT), Joe Manchin (D-WV), Roy Blunt (R-MO), John Boozman (R-AR), Ted Cruz (R-TX), Richard Burr (R-NC), Bill Cassidy (R-LA), Cory Gardner (R-CO), Roger Wicker (R-MS), Dan Sullivan (R-AK), Doug Jones (D-AL), Cindy Hyde-Smith (R-MS), John Kennedy (R-LA), and Mike Enzi (R-WY).
“The federal government needs to make good on its promises to Oklahoma small businesses and lenders with the PPP program and make loan forgiveness straight forward and efficient,” said Lankford. “Simplifying the process for loans of $150,000 and less will ensure small businesses and financial institutions can get loans processed in a timely manner and provide a safe harbor for lenders, while maintaining the requirements and auditability standards from the CARES Act and subsequent guidance from SBA. I appreciate Oklahoma’s lenders who stepped up to the plate to get PPP loans out the door quickly and properly, and I look forward to this bipartisan bill’s passage to streamline the PPP loan application and forgiveness process.”
Cramer added the following:
“The Paycheck Protection Small Business Forgiveness Act would give our small businesses peace of mind and remove the anxiety placed on them by the bureaucracy’s cumbersome forgiveness process,” said Cramer. “I am grateful to my colleagues for their support, and I look forward to working with them to pass our bill when the Senate returns in September.”
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