September 16, 2020
By Caity Roach
Contributing Editor, C-Suite Wednesday
C-Suite Wednesday – 98% of Lenders Want Congress to Pass a Simplified PPP Forgiveness Bill
According to a recent poll conducted during the Coleman Report Live daily show, 98% of lenders who participated in the Paycheck Protection Program (PPP) are in strong support of Congress passing a simplified PPP forgiveness process for loans under $150,000. Senate bill S.4117, the Paycheck Protection Small Business Forgiveness Act, would do just that. However, until recently a new stimulus package was the primary focus for Congressional leaders. As negotiations surrounding the economic relief package became more partisan last week, lenders hope that a separate PPP bill may still pass.
Here are some of the other key findings from this week’s Coleman Report Live industry polls:
- Lender optimism about Congress passing a stimulus bill has decreased from 34% last week to just 7% this week.
- 73% of SBA lenders who have submitted a PPP forgiveness application to the SBA have not had a single approval.
- Although 51% of lenders want Congress to pass a bill that would allow struggling businesses to get a second PPP loan. However, 15% say they would not participate in a second draw program.
- 27% of lenders want Congress to reauthorize PPP and 17% would like an additional $55 billion added to the program.
- Only 6% of lenders polled say that they prepare thank you letters to their senators and representatives for every funded SBA loan.
- 4 out of 5 SBA lenders polled say that over 75% of their borrowers have exhausted their PPP loan.
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