NASE News

National Association for the Self-Employed Applauds Newly Announced, Streamlined Loan Forgiveness

FOR IMMEDIATE RELEASE: October 9, 2020
CONTACT:  Kristofer Eisenla, LUNA+EISENLA media
kristofer@lunaeisenlamedia.com | 202-670-5747 (mobile)

Calls on Both Sides to Come Back to the Negotiating Table to Provide Relief for Small Business Hurting Throughout America

WASHINGTON, D.C. – The National Association for the Self-Employed, the nation's leading advocate and resource for the self-employed and micro-businesses, today applauded the Small Business Administration and the Department of Treasury for announcing a simplified loan forgiveness application for Paycheck Protection Program (PPP) loans under $50,000, but called on both sides of the aisle to come back to the negotiating table immediately to provide relief for small businesses hurting throughout America.

“The announcement by the Administration of a simplified process of loan forgiveness for small businesses who accessed $50,000 and less in PPP loans is an incredibly welcome sign,” said Keith Hall, president and CEO of NASE.  “We are thrilled about this new SBA and Treasury interim guidance to help small businesses during a time many of them are looking at the last quarter of estimated tax payments and year-end accounting.

“This newly announced guidance is a welcome step, but it can’t be the last step this year to help the American small business community who are desperate for critical relief now. Therefore, it’s imperative the Administration and Congress come back to the negotiating table and work together to provide the immediate financial relief for the American people and our nation’s small business community.”

Last month, NASE – along with other major small business groups and their allies – called on Congress to pass a standalone small business relief package that will assist the most fragile small businesses and their employees ranging from an additional loan program to expedited loan forgiveness. The letter sent to Congress includes a package of key small business priorities.

“The COVID-19 pandemic continues to place so many small businesses in a distressed situation barely hanging on and reeling from the financial fallout.  Small business owners across our country, in every town and county in America, are struggling each day to keep their doors open and safely serving their customers and protecting their employees and themselves.  Congress and the Administration need to return to the bargaining table and save the ingenuity of the true entrepreneurship in our country exemplified in our nation’s small businesses,” Hall concluded.

For more information on the SBA’s process:
 - Click here to view the simpler loan forgiveness application.
 - Click here to view the instructions for completing the simpler loan forgiveness application.
 - Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.

NASE has also developed a COVID-19 Resource Page for the small business community offering supportive resources and information.

To Speak with NASE small business experts about the targeted relief for the small business community, please contact kristofer@lunaeisenlamedia.com

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The National Association for the Self-Employed (NASE) is the nation's leading advocate and resource for the self-employed and micro-businesses, offering a broad range of benefits to help entrepreneurs succeed and to drive the continued growth of this vital segment of the American economy.

The NASE Next Biz Thing helps identify and connect our nation’s smallest businesses. Need small business help? Check out NASE’s Ask the Experts for advice or the NASE Minute for small business support.

The NASE is a 501(c) (6) nonprofit organization and provides big-business advantages to hundreds of thousands of micro-businesses across the United States. For more information, visit the association's website at NASE.org