HR 7777
Paycheck Protection Small Business Forgiveness Act
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- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Paycheck Protection Small Business Forgiveness Act, aims to simplify the process of forgiving Paycheck Protection Program (PPP) loans. It provides automatic forgiveness for loans under $150,000 if a business submits a simple one-page form with basic information. The bill also protects lenders from enforcement actions if they rely on loan applications and documentation, and it allows for the collection of demographic data from borrowers while prohibiting enforcement actions based on inaccuracies in that data.
Sponsors
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Primary sponsor
Cosponsors
A. Drew, IV Ferguson
Alexander X. Mooney
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