NAR Letter to Senators Cramer, Menendez, Tillis, and Sinema Regarding Paycheck Protection Legislation
Issue Date: July 01, 2020
US S 4117 - Paycheck Protection Small Business Forgiveness Act
On July 1, NAR sent a letter to Senators Cramer, Menendez, Tillis, and Sinema. The letter thanks the Senators for introducing S. 4117, the “Paycheck Protection Small Business Forgiveness Act.” This bill would provide important relief for the smallest Paycheck Protection Program (PPP) borrowers, making it easier for them to reopen and participate in the economic recovery following the COVID-19 pandemic. Small businesses and independent contractors have been hit especially hard by the pandemic. The PPP loans provide an important lifeline to these businesses, allowing them to keep employees paid and meet other debt obligations. However, the program is complicated, and applications for forgiveness represent a challenge to many borrowers who have not needed to seek aid in the past and do not have accountants or attorneys on staff to assist them. The Paycheck Protection Small Business Forgiveness Act simplifies this issue by forgiving PPP loans that are below $150,000. These borrowers represent independent contractors and the smallest of small businesses – those most vulnerable to the economic damage that COVID-19 is wreaking.