NAFCU’s Thaler pushes for simplified PPP forgiveness process

by NAFCU Newsroom

Ahead of today’s House Small Business Committee oversight hearing of the Small Business Administration (SBA) and Treasury Department’s programs created to help mitigate the effects of the coronavirus pandemic, NAFCU’s Brad Thaler reiterated the association’s call to simplify the forgiveness application processes for paycheck protection program (PPP) loans.

“While credit unions are working with their members to assist them with the current loan form, the complexity of the forgiveness rules and application is posing challenges for many small businesses who may not have the staff or expertise for such a complex application, especially with the current economic challenges,” wrote Thaler, NAFCU’s vice president of legislative affairs.

“We were pleased to see the SBA take steps to address this with the creation of the 3508EZ form, but NAFCU members report that they do not see a huge difference in terms of processing the application as they still need to verify expenses and supporting documentation to ensure that they are meeting the lender requirements,” Thaler added.

Thaler also shared NAFCU’s support for bipartisan legislation – the Paycheck Protection Small Business Forgiveness Act – that would ease the forgiveness process for loans under $150,000.

 

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