The American Dental Association, along with more than 100 stakeholders, asked Congress to pass a proposal that would ease the forgiveness process for Paycheck Protection Program loans under $150,000.
The PPP program is designed to provide small businesses with economic relief amid the pandemic. According to the coalition, PPP loans under $150,000 account for 86 percent of all recipients, but less than 27 percent of total PPP dollars loaned.
In a July 9 letter, the groups urged lawmakers to support the Paycheck Protection Program Small Business Forgiveness Act that would forgive loans less than $150,000 upon the borrower's completion of a "simple, one-page forgiveness document."
"This bipartisan legislation would ensure our nation'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," they wrote.
The letter cited data from AQN Strategies that estimated an expedited forgiveness process could save more than $7 billion.