Oklahoma Senator James Lankford is joining North Dakota Senator Kevin Cramer's bipartisan Paycheck Protection Small Business Forgiveness act.
The act would make it easier for loans of $150,000 or less to be forgiven if the borrower submits a one page declaration form to the lender. Loans of $150,000 or less make up 85% of all PPP loans approved but only 26% of the total funds that were delivered.
“The federal government needs to make good on its promises to Oklahoma small businesses and lenders with the PPP program and make loan forgiveness straight forward and efficient,” said Lankford. “Simplifying the process for loans of $150,000 and less will ensure small businesses and financial institutions can get loans processed in a timely manner and provide a safe harbor for lenders, while maintaining the requirements and auditability standards from the CARES Act and subsequent guidance from SBA. I appreciate Oklahoma’s lenders who stepped up to the plate to get PPP loans out the door quickly and properly, and I look forward to this bipartisan bill’s passage to streamline the PPP loan application and forgiveness process.”
Lankford's office says more than 200 trade groups have endorsed the bill.