Tuesday, August 25th 2020, 8:12 am
By: Information On 6
WASHINGTON D.C. –
Oklahoma Senator James Lankford is becoming a member of North Dakota Senator Kevin Cramer’s bipartisan Paycheck Safety Small Enterprise Forgiveness act.
The act would make it simpler for loans of $150,000 or much less to be forgiven if the borrower submits a one web page declaration type to the lender. Loans of $150,000 or much less make up 85% of all PPP loans accredited however solely 26% of the whole funds that have been delivered.
“The federal government needs to make good on its promises to Oklahoma small businesses and lenders with the PPP program and make loan forgiveness straight forward and efficient,” stated Lankford. “Simplifying the process for loans of $150,000 and less will ensure small businesses and financial institutions can get loans processed in a timely manner and provide a safe harbor for lenders, while maintaining the requirements and auditability standards from the CARES Act and subsequent guidance from SBA. I appreciate Oklahoma’s lenders who stepped up to the plate to get PPP loans out the door quickly and properly, and I look forward to this bipartisan bill’s passage to streamline the PPP loan application and forgiveness process.”
Lankford’s workplace says greater than 200 commerce teams have endorsed the invoice.