Source: United States House of Representatives – Congressman Denver Riggleman (VA-5)
October 13, 2020
Washington, D.C. — Today, Congressman Denver Riggleman proudly joined sixty of his colleagues in signing a letter to Treasury Secretary Mnuchin and SBA Administrator Carranza. This letter, led by Rep. Blaine Luetkemeyer (R-MO-03), is aimed at streamlining the forgiveness of Paycheck Protection Program (PPP) loans in the wake of the coronavirus pandemic.
Specifically, the letter urges the Treasury and SBA to prioritize the forgiveness of loans ($150,000 and under) in a timely manner to ensure that American businesses are not burdened by extraneous costs. As our recovery effort continues, we must safeguard our hardworking businesses and assure them that compliance costs will not impede their ability to bounce back from economic shortcomings during the pandemic.
“I represent thousands of small business owners in the 5th district, and as a small business owner myself, I understand the tremendous burden that our small businesses have had to confront during this pandemic, said Congressman Riggleman. “Congress should consider all venues of small business support during this challenging time, and I am proud to join this distinguished group of members in calling for expedited support of loan forgiveness.”
The Paycheck Protection Program has proved to be a successful lifeline for small businesses as the United States continues to look for economic solutions to address coronavirus relief. The PPP program approved over 5.2 million loans to small businesses, providing over $525 billion dollars in relief to American businesses. It is estimated that the success of the PPP has helped save over 51 million jobs.
With this in mind, more can be done in Congress to make sure that loan recipients are not hindered by burdensome reporting requirements. American businesses need reassurance about their loan forgiveness. Small businesses must be granted the peace of mind that they will not have to hold these loans on their balance sheets each month. This reassurance is critical as small businesses must be allowed to solely focus their efforts on recovery and their community, rather than being consumed by financial strain.
The House of Representatives took unprecedented action to provide small businesses with the assistance they need to make it through this tough era in our country. This letter would verify that reporting requirements for loan forgiveness will not impede nor negate all of the diligent effort put into the PPP program this year.