On February 25, 2021, the Small Business Relief Council (SBRC) sent a letter to the Small Business Administration (SBA), Department of Treasury, and Congressional leaders regarding barriers to Paycheck Protection Program (PPP) loan forgiveness and second draw PPP loans.
The SBRC is a cross-industry coalition of 80 organizations that represents millions of small businesses across the country and spans different components of the small business financial ecosystem. Gusto developed and leads the consortium, bringing together the largest banks, fintechs, payroll companies, accounting firms, and software companies.
This letter outlines the SBRC’s suggestions regarding several steps the Administration can take to encourage forgiveness of first draw loans more quickly. The letter also outlines specific changes the SBA can make to ensure that second draw loans are more effective in reaching the small businesses intended to benefit from PPP.
Read the full letter here: