Support grows for PPP Forgiveness for small business legislation

WASHINGTON, D.C. — U.S. Senator Shelley Moore Capito (R-W.Va.) announced Tuesday that the bipartisan Paycheck Protection Small Business Forgiveness Act now has 18 cosponsors, with more expected to come in the following days. Senator Capito was one of the original cosponsors of this legislation.

“PPP has been a lifeline for small businesses in West Virginia. As the pandemic continues, we’re making tweaks that improve the program and help keep employers and employees connected. For the smallest of our small businesses who took out modest loans, this bill will create a streamlined paperwork process with a one-page form, allowing business owners to direct more of their focus on working safely and less on red tape,” said Senator Capito.   

The additional support for this legislation comes after U.S. Treasury Secretary Steven Mnuchin endorsed the principles of this legislation. Over 140 organizations support the bill, as well as the Bankers Association in every state plus Puerto Rico. The bill includes forgiveness for Paycheck Protection Program (PPP) loans of $150,000 or less if the borrower submits a simple, one-page attestation form to the lender. The approximately 3.7 million PPP loans of $150,000 or less account for 85 percent of all PPP approved loans but only 26 percent of the PPP funds delivered. 

Joining Senator Capito in cosponsoring the bill are U.S. Senators Kevin Cramer (R-N.D.), Bob Menendez (D-N.J.), Thom Tillis (R-N.C.), Kyrsten Sinema (D-Ariz.), Martha McSally (R-Ariz.), Tom Cotton (R-Ark.), John Cornyn (R-Texas), Jerry Moran (R-Kan.), David Perdue (R-Ga.), Kelly Loeffler (R-Ga.), Lisa Murkowski (R-Alaska), John Barrasso (R-Wyo.), Mike Crapo (R-Idaho), Mike Rounds (R-S.D.), Steve Daines (R-Mont.), Joe Manchin (D-W.Va.), Roy Blunt (R-Mo.), John Boozman (R-Ark.), and Mike Enzi (R-Wyo).