ICBA’s Romero Rainey to Policymakers: Streamline PPP Forgiveness Process (August 11, 2020)

Summary

ICBA news item of August 11, 2020 on an op-ed in The Hill by ICBA President and CEO Rebeca Romero Rainey urging policymakers to simplify the Paycheck Protection Program forgiveness process for small businesses. She notes that loans of $150,000 or less represent 86 percent of borrowers but less than 27 percent of loan dollars issued under the program, and cites ICBA’s support for congressional efforts to forgive such loans with a simple, one-page document. She writes that these business owners’ time and resources would be better focused on getting the economy safely back up and running, not processing burdensome paperwork.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Full text

ICBA’s Romero Rainey to policymakers: streamline PPP forgiveness process

Policymakers need to simplify the onerous forgiveness process for small businesses to ensure the Paycheck Protection Program fulfills its purpose to support the nation’s top job creators, ICBA President and CEO Rebeca Romero Rainey writes in a new op-ed in The Hill.

August 11, 2020

Policymakers need to simplify the onerous forgiveness process for small businesses to ensure the Paycheck Protection Program fulfills its purpose to support the nation’s top job creators, ICBA President and CEO Rebeca Romero Rainey writes in a new op-ed in The Hill.

Policymakers need to simplify the onerous forgiveness process for small businesses to ensure the Paycheck Protection Program fulfills its purpose to support the nation’s top job creators, ICBA President and CEO Rebeca Romero Rainey writes in a new op-ed in The Hill.

Loans of $150,000 or less represent 86 percent of borrowers but less than 27 percent of loan dollars issued under the emergency program, Romero Rainey explained noting ICBA’s support for congressional efforts to forgive such loans with a simple, one-page document. This would allow the smallest businesses to focus their time, energy and resources on their business and employees, instead of complex forgiveness forms, she wrote.

“As the United States continues to grapple with the repercussions of the coronavirus pandemic, these business owners' time and resources would be better focused on getting the economy safely back up and running, not processing burdensome paperwork,” Romero Rainey wrote.

Read the op-ed

NewsWatch Today Contacts

Martin Carr

Manager, Communications

Thomas Warren

Vice President, Managing Editor

Join ICBA Community

Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.

Join the community
Example Text

File and source

File

icba-s-romero-rainey-to-policymakers-streamline-ppp-forgiveness-proces_5ce266cdcdccede6.html

Size

176,272 bytes

SHA-256

aea9e5d70f328ce7560566a57c943f12e1e2cc55193480f6ce8275ed088aa847

Our copy

icba-s-romero-rainey-to-policymakers-streamline-ppp-forgiveness-proces_5ce266cdcdccede6.html

Original

www.icba.org