The Honorable Andy Baukol
Acting Secretary
U.S. Department of the Treasury
1500 Pennsylvania Avenue, N.W.
Washington, DC 20220
Ms. Tami Perriello
Acting Administrator
U.S. Small Business Administration
409 3rd Street, S.W.
Washington, DC 20416
Dear Acting Secretary Baukol and Acting Administrator Perriello:
Thank you for your continued work on the Paycheck Protection Program (PPP), which has helped millions of small businesses to remain open, maintain payroll, and make adjustments to operate safely during the global pandemic. Banks of all sizes have played a significant role in executing this program to date and are eager to continue to partner with the Biden Administration to ensure the current round of funding for first draw and second draw PPP loans is effectively and equitably administered to small businesses across the country.
We are writing to make you aware of some significant issues that are preventing the program from fully supporting small businesses in need. Since the PPP application process re-opened on January 11, 2021, the ABA and our member banks have identified specific problems that are impairing the ability of some banks to make loans [under the program] in their communities. We have detailed those problems that we believe are systemic and require the immediate attention of your agencies to ensure struggling small businesses can access this important federal lifeline:
Thank you for your continued work on PPP to ensure this aid reaches those small businesses and non-profits desperately in need of economic relief. Banks of all sizes stand ready to continue to work with you to achieve this goal.
Sincerely,
Rob Nichols