NATP urges swift PPP loan forgiveness

NATP joined other associations in supporting swift PPP loan forgiveness for amounts under $150,000. Specifically, NATP and other trade associations express strong support for S. 4117, The Paycheck Protection Program Small Business Forgiveness Act, sponsored by Senators Kevin Cramer and Kyrsten Sinema.

In order to help our nation’s smallest small businesses, we urge Congress to quickly pass this legislation that would forgive PPP loans of less than $150,000 upon the borrower’s completion of a simple, one-page forgiveness document. PPP loans of $150,000 and under account for 85% of total PPP recipients, but less than 26% of PPP loan dollars. Expediting the loan forgiveness process for many of these hard-hit businesses will save more than $7 billion and hours of paperwork.

NATP submitted a letter of support to Chairman Rubio, Chairwoman Velázquez, and Ranking Members Cardin and Chabot.