Wagner and Clay introduce the "Calculate Loan Forgiveness Act"
June 29, 2020 - Today, Congresswoman Ann Wagner (R-MO), Chair of the House Suburban Caucus, and Congressman Wm. Lacy Clay (D-MO) introduced the "Calculate Loan Forgiveness Act" that will help lenders and Paycheck Protection Program (PPP) loan recipients to easily determine the amount of such loans that will be forgiven, and the amount that will need to be repaid.
“The Paycheck Protection Program has been an essential lifeline for small businesses and their employees who rely on a steady paycheck during this pandemic. I proudly supported this program so we could keep our Main Street economy afloat while we navigate the difficult challenges of COVID-19. This national crisis has brought unimaginable stress to the lives of small business owners who have worked incredibly hard to pay their employees while stay-at-home orders cause significant drops in business. Congress should help American small businesses manage the PPP loan forgiveness application process so they can get the relief they deserve quickly and efficiently,” said Rep. Wagner. “That’s why I introduced the Calculate Loan Forgiveness Act, which would create an easy-to-use online calculator for small business owners to help populate complex loan forgiveness forms. Let’s help small business owners focus on serving our communities, not lose sleep over government regulations during a pandemic.”
“I’m pleased to coauthor this important pro-small business legislation with Congresswoman Wagner,” said Rep. Clay. “Small businesses are under tremendous stress during this public health emergency and we are urging the SBA, Treasury Department and lenders to create this user-friendly online tool to help business owners navigate the details of the PPP.”
Associated Industries of Missouri joined other Missouri associations in a letter led by the Missouri Bankers Association requesting simplification of the forms and assistance, especially for smaller businesses, that had taken the PPP loans and need to know how the repayment amount.
"We thank Congresswoman Wagner and Congressman Clay for this innovative idea and encourage the SBA to develop a calculator that is easy for businesses to use to determine how much of the Paycheck Protection Program money will be forgiven and how much must be repaid as a loan," said Ray McCarty, president and CEO of Associated Industries of Missouri. "Our employers are busy safely reopening their businesses and contributing to restarting the economy. The last thing they need is confusion over how much they may have to repay the federal government."
“The St. Louis Regional Chamber applauds Congresswoman Ann Wagner for introducing the Calculate Loan Forgiveness Act. Congresswoman Wagner and her efforts to streamline and clarify the COVID-19 Paycheck Protection Program will help small businesses all over the St. Louis region survive the pandemic,” said the St. Louis Regional Chamber. “We encourage Congress to pass the Calculate Loan Forgiveness Act without delay so that small businesses can get back to providing jobs and services in their community.”
“In an effort to support small businesses during COVID19, the Payroll Protection Program-under the CARES Act, has undergone a number of changes since it's inception. While originally thought to have been totally forgivable, more recent iterations reveal a product that is part grant/part loan,” said the Heartland St. Louis Black Chamber of Commerce. “Congresswoman Ann Wagner and Congressman Lacy Clay are working to protect those who would suffer the most if these funds are not managed and reported properly. The Heartland St. Louis Black Chamber of Commerce Supports these efforts to help further protect small business owners.”
The Calculate Loan Forgiveness Act would require the Administrator of the Small Business Administration, in coordination with the Secretary of the Treasury, to establish a free, publicly accessible online calculator and/or certify free, accurate, and publicly accessible third-party calculators in order to provide certainty and assistance to lenders and small businesses as they fill out PPP loan forgiveness forms.
In addition to the organizations noted above, other organizations supporting the legislation include the Missouri Farm Bureau, Missouri Restaurant Association, Missouri Corn Growers Association, Missouri Tire Industry Association, Missouri Retailers Association, U.S. Black Chambers, National Association of Realtors, National Federation of Independent Business, American Institute of CPAs and more.