Shortly after the creation of the Payroll Protection Program (PPP), a cross-industry coalition of 64 companies representing millions of small businesses began meeting weekly to track the path to forgiveness and to create a seamless and expedited forgiveness application process for small businesses. The group includes the largest banks, financial services companies, payroll companies, accounting firms, fintech companies, and software companies.
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On November 6, 2020, the PPP Forgiveness Applications (PPPFA) Cross-Industry Coalition sent a letter to Congress, the Department of Treasury, and the Small Business Administration. The letter requests clarification on the responsibilities of PPP lenders and related parties to ensure that small businesses that have followed the rules can have their loans forgiven. The letter also provides realistic and common-sense recommendations to streamline and expedite the forgiveness process and help small businesses, lenders, and federal agencies.
Read the full letter here: