The federal government would more quickly forgive Paycheck Protection Program (PPP) loans totaling $150,000 and less under a newly introduced bipartisan bill offered by U.S. Rep. Fred Upton (R-MI).
“As much as we all wanted the COVID-19 crisis over by Easter, that was not the reality, as the country, workers and our small businesses continue to face a number of challenges,” Rep. Upton said. “I look forward to working with my colleagues on both sides of the aisle and the Senate to get this done.”
The congressman on July 24 introduced the Paycheck Protection Small Business Forgiveness Act, H.R. 7777, sponsored by U.S. Rep. Chrissy Houlahan (D-PA), which would streamline the process for certifying compliance with PPP requirements and expedite the loan forgiveness process for small businesses, according to a bill summary provided by Rep. Upton’s office.
The Paycheck Protection Program has certainly been a lifeline for many small businesses and employees across southwest Michigan and around the country,” said Rep. Upton. “Our office has worked hand-in-hand on the PPP with a number of small businesses and lenders to help protect countless jobs.”
In Michigan, for example, Rep. Upton said that 121,000 loans totaling more than $16 billion “have helped keep 1.5 million employees on the payroll.”
If enacted, the bill would require the Small Business Administration (SBA) to quickly create a one-page online or paper form for eligible small businesses to certify to their lender that they meet the requirements of the program, according to the bill summary, and would prohibit members of Congress, their families and senior Executive Branch members from benefiting from the expedited PPP loan forgiveness, among other provisions.
Among the members who joined Rep. Upton as a cosponsor of H.R. 7777 were U.S. Reps. Bill Flores (R-TX), Brian Fitzpatrick (R-PA), Andy Barr (R-KY), Michael McCaul (R-TX), and Troy Balderson (R-OH).
The Michigan Credit Union League, the International Franchise Association, and the Michigan Bankers Association endorsed the measure.