New Legislation Would Grant Automatic Forgiveness of PPP Loans Under $150,000

A bipartisan bill called The Paycheck Protection Small Business Forgiveness Act has been introduced into the Senate that would allow small businesses who received a Paycheck Protection Program (PPP) loan of $150,000 or less to obtain automatic forgiveness after submitting a one-page attestation form. The attestation form would be limited to one-page, and the small business would simply attest that the loan is eligible for forgiveness and that the business complied with the requirements of the Paycheck Protection Program found in the CARES Act.

The legislation would be beneficial to the smallest of small businesses that received PPP loans of $150,000 or less, as well as the banks who lent to smaller PPP borrowers, by reducing the paperwork and documentation requirement currently required on all PPP forgiveness requests.

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