PPP forgiveness: Lenders push for loans under $150,000 to be turned to grants

by Leilani Taylor

Congress may have just passed new legislation altering rules to make the Paycheck Protection Program loans more flexible, but banks and lenders are asking policymakers to forgive smaller loans altogether.

In a letter sent to members of Congress (including Sen. Marco Rubio, chairman of the Senate Committee on Small Business & Entrepreneurship) on Tuesday, the Consumer Bankers Association and the Bank Policy Institute asked for loans under $150,000 to be automatically forgiven, citing that “considerable gaps in policy, particularly regarding the forgiveness aspect of PPP, … has proven to be unnecessarily burdensome for many of the businesses it sought to help.”

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