I believe the enhancements below to the Paycheck Protection Program (PPP) that would facilitate small businesses' access to credit need to happen.
We need your help to make these reality.
Immediate, additional funding of $250 billion;
Ensure PPP credit reaches all communities with 25% allocation for banks with $50 billion or less in assets;
More workable loan terms with more reasonable loan rates;
Allow needed flexibility in the timing of loan disbursements;
Expand PPP loan uses to expenses outside payroll;
Robust lender safe harbor to facilitate and speed loan processing;
Address Beneficial Ownership Rule barrier for new bank customers.
Thank you for your time. Stay safe.
