Forgiveness Act Would Simplify Complicated Paperwork for Oklahoma Small Business Owners
Oklahoma Small Business owners across the state are thanking U.S. Senators Jim Inhofe and James Lankford for signing onto and supporting the bipartisan Paycheck Protection Small Business Forgiveness Act. The bill would streamline the forgiveness aspect of PPP loans under $150,000 if the borrower submits a simple, one-page form to the lender. About 4.2 million of the PPP loans are fewer than $150,000. That’s about 85% of all the PPP loans that were approved, but just 26% of the funds delivered.
The bill has earned the support of NFIB, and today NFIB State Director in Oklahoma, Jerrod Shouse, reacted to the news. “This would be a much-needed burden off the shoulders of small business owners who have been devastated by COVID-19. Small business owners already have enough government mandates and paperwork to fill out. Getting this onerous paperwork off their plate means they can focus on keeping their customers and employees safe and getting back to business. The point of the PPP was to provide financial relief. Small business owners shouldn’t have to spend a large chunk of money paying an accountant to comply with all the mandated paperwork. Oklahoma small business owners thank U.S. Senators Inhofe and Lankford for their leadership and help getting this important legislation passed.”
According to NFIB’s most recent member survey, which was release yesterday, one in five small business owners will have to close their doors in the next six months if economic conditions don’t improve. Congress is currently negotiating additional financial support for small businesses after the initial Paycheck Protection Program (PPP) loan period expired on August 8. If eligible, 44% of small businesses surveyed said they would apply or re-apply for a second PPP loan with another 31% saying they would consider applying for one.
About one-in-five (21%) of small business owners report they will have to close their doors if current economic conditions do not improve over the next six months.
- Another 19% of owners anticipate they will be able to operate no longer than 7-12 months under current economic conditions.
- Over half (61%) are better situated and do not anticipate any near-term problems.