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This page is for community bankers to ask questions, share experiences and learn more about the PPP process.
​This is a peer exchange and not official interpretation or legal consultation.
Please refer to SBA and Treasury for 
official guidance. 

ICBA Urges Streamlined Paycheck Protection Program Process

6/9/2020

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The Independent Community Bankers of America® (ICBA) called on the Treasury Department and Small Business Administration to make the Paycheck Protection Program loan-forgiveness process less complex and onerous for borrowers and lenders.

In a letter to the agencies, ICBA said an unnecessarily complex forgiveness process compromises the PPP's potential to facilitate a strong economic and jobs recovery.
"Borrowers should not have to hire accountants at expensive fees to assist with loan forgiveness," ICBA President and CEO Rebeca Romero Rainey wrote. "What’s more, borrowers whose first language is not English are struggling with the complex forgiveness forms and procedures and would greatly benefit from simplification."
With lenders under $50 billion accounting for more than 65 percent of approved loans and more than 63 percent of the approved dollar amount through two rounds of the PPP, ICBA called for:
  • A shorter and simpler application form akin to the IRS Form 1040EZ.
  • An online PPP loan-forgiveness calculator for borrowers and lenders.
  • A forgiveness presumption of compliance for borrower-certified loans of $1 million or less.
  • SBA to purchase residual PPP loans at par to support additional lending.
  • Preserving the tax deduction for business expenses for PPP borrowers.
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    Related Resources:
    • ICBA 
      Info and FAQ on SBA PPP
    • ​Treasury FAQ 
    ​OriTrust
    ​

    OriTrust's PPP Fast Application is a powerful bank developed tool that can help its members fast-track PPP lending and is very straightforward and simple to use. It helps with making sure the bank is collecting all the required information and with the ongoing monitoring of information to ensure each borrower obtains loan forgiveness. 
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  • Membership
    • Member Portal Login
    • Bankers Helping Bankers
    • Associate Membership
    • CCBN Associate Member Directory
  • Education and Events
    • Seminars and Events
    • Webinars >
      • Categories >
        • AUDIT & ACCOUNTING
        • Collections
        • Compliance
        • Directors
        • Frontline New Accounts
        • Human Resources
        • IT
        • IRA
        • Lending
        • Marketing
        • Operations
        • Security & Fraud
        • Senior Management
    • Recorded Webinars
    • Community Banker University >
      • CBU Certification Programs
      • CBU Bank Director Program
      • CBU Leadership Academy
      • CBU Online Training
      • ICBA LIVE 2023
      • ICBA Lead FWD Summit
  • Advocacy
    • Legislative Successes
    • From ICBA >
      • From Washington DC
      • From the Top
      • Portfolio Management
  • About Us
    • Our Team
    • Board of Directors
    • Contact
  • Preferred Service Providers (PSP)
    • PSP Announcements