Rep. Ted Budd Introduces Bill to Simplify PPP for Small Businesses
Washington, D.C. -- Rep. Ted Budd (NC-13) helped introduce the Paycheck Protection Small Business Forgiveness Act.
Background: The bill would create a simplified forgiveness process for businesses with PPP loans of $150,000 or less. This loan range makes up approximately 86% of all PPP loans. The bill also requires the Small Business Administration to create a one-page form for eligible small businesses to certify to their lender that they have met the requirements of the program.
Rep. Budd said in a statement:
“Making sure that small businesses and their workers are protected during COVID-19 is one of my top priorities. This is a common sense bill that would ease the burden on small shops who accepted PPP loans. The Paycheck Protection Small Business Forgiveness Act ensures that these small businesses focus less on paperwork, and more on delivering for their workers and our economy.”