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Consumer Bankers Association: Automatic Paycheck Protection Program Forgiveness Would Save Small Businesses Billions
June 03, 2020
WASHINGTON, June 3 -- The Consumer Bankers Association issued the following news release:

The Consumer Bankers Association and Bank Policy Institute called on Congress to pass legislation automatically forgiving Paycheck Protection Program loans of $150,000 and less. Approximately 85 percent of all PPP loans would be eligible for this automatic forgiveness.

Requiring the 3.7 million eligible PPP recipients in this category to simply verify funds were used in accordance . . .

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