Joint Support Letter for the Paycheck Protection Program Small Business Forgiveness Act

The Security Industry Association (SIA) joined a coalition of trade associations representing thousands of small businesses, banks, credit unions, financial institutions and employees to express strong support for S. 4117, the Paycheck Protection Program (PPP) Small Business Forgiveness Act. This bipartisan legislation would ensure that U.S. small business owners can focus their time, energy and resources back into their business and communities instead of allocating significant time and resources into completing complex forgiveness forms.

In a July 9, 2020, letter to Sens. Marco Rubio (R-Fla.) and Nydia Velázquez (D-N.Y.) and Reps. Ben Cardin (D-Md.) and Steve Chabot (R-Ohio), SIA and the other associations, including the Consumer Bankers Association, the Credit Union National Association, the National Electrical Manufacturers Representatives Association, the U.S. Chamber of Commerce and more, emphasized small businesses and their employees’ role as the backbone of the nation’s economy and urged Congress to quickly pass the legislation, which would forgive PPP loans of less than $150,000 upon borrowers’ completion of a simple, one-page forgiveness document.