(Photo by Erin Scott-Pool/Getty Images) Getty ImagesTo date, the Paycheck Protection Program (PPP) Loan program has provided over 4.6 million loans, totaling more than $520 billion. Call for PPP Loan ForgivenessLast month, two bank lobbying organizations asked Congress to automatically forgive PPP Loans of less than $150,000. At the time of the proposal, records showed that PPP Loans under $150,000 represented approximately 86% of the loans provided under the PPP Loan, but only 26% of the loan dollars. The five-page PPP Loan Forgiveness Application can be found on the SBA website. Forgiving the Smallest Loans Would Benefit More Than Just Small Business OwnersForgiving loans of less than $150,000 could ultimately benefit small business owners, banks, and even the government.

Source: Forbes July 18, 2020 15:33 UTC